The European Investment Bank has drawn up plans to lend Toyota Motor Manufacturing Turkey (TMMT), a subsidiary of Toyota Motor Corporation, approximately 125 million euros to modernise an existing vehicle manufacturing plant in Adapazari, western Turkey, 80 miles (120km) east of Istanbul, writes Monica Dobie.

The expanded plant would produce Toyota Corollas and would lead to the creation of roughly 850 new jobs in the area by 2005, nearly doubling staff numbers from last year#;s level of 1,150.

The project will cost an estimated 350 million euros.

“The project will give an economic impulse to the eastern Marmara region of Turkey,” said an EIB memorandum.

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