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Sclosure Authorized Report No: ICR00003275

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Sclosure Authorized Report No: ICR00003275 Document of The World Bank Public Disclosure Authorized Report No: ICR00003275 IMPLEMENTATION COMPLETION AND RESULTS REPORT (IBRD-75380 IBRD-75390 IBRD-80150) ON US$330 MILLION AND €182.7 MILLION (US$600 MILLION EQUIVALENT) LOANS Public Disclosure Authorized TO TURKIYE SINAI KALKINMA BANKASI (TSKB) AND A US$150 MILLION AND €94.9 MILLION (US$300 MILLION EQUIVALENT) LOAN TO Public Disclosure Authorized TURKIYE IHRACAT KREDI BANKASI (EXIMBANK) WITH THE GUARANTEE OF THE REPUBLIC OF TURKEY FOR THE FOURTH EXPORT FINANCE INTERMEDIATION PROJECT June 23, 2015 Public Disclosure Authorized Finance and Markets Turkey Country Unit Europe and Central Asia Region CURRENCY EQUIVALENTS (Exchange Rate Effective June 8, 2015) Currency Unit= New Turkish Lira (TRY) TRY 1.00 = US$ 0.36 US$ 1.00 = TRY 2.77 FISCAL YEAR ABBREVIATIONS AND ACRONYMS AF Additional Financing BRSA Bankacılık Düzenleme ve Denetleme Kurumu, Banking Regulation and Supervision Agency CAS Country Assistance Strategy CBRT Central Bank Republic of Turkey CPS Country Partnership Strategy D/E Debt-to-equity ratio DSCR Debt service coverage ratio EFIL Export Finance Intermediation Loan EIB European Investment Bank Eximbank Turkiye Ihracat Kredi Bankasi A.S. GDP Gross Domestic Product IBRD International Bank For Reconstruction And Development ICR Implementation Completion and Results Report IFI International Financial Institution IEG Independent Evaluation Group IL Investment Loan ISR Implementation Status And Results IT Information Technology M&E Monitoring And Evaluation PAD Project Appraisal Document PDO Project Development Objective PFI Participating Financial Institution PIU Project Implementation Unit SME Small And Medium Enterprise TL Turkish lira TSKB Turkiye Sinai Kalkinma Bankasi TUIK Türkiye İstatistik Kurumu, Turkish Statistical Institute WCL Working capital loan Vice President: Laura Tuck Country Director: Martin Raiser Practice Manager: Aurora Ferrari Project Team Leader: Ilias Skamnelos ICR Team Leader: Samuel Munzele Maimbo 2 TURKEY Fourth Export Finance Intermediation Loan (EFIL IV) CONTENTS Data Sheet A. Basic Information B. Key Dates C. Ratings Summary D. Sector and Theme Codes E. Bank Staff F. Results Framework Analysis G. Ratings of Project Performance in ISRs H. Restructuring I. Disbursement Graph 1. Project Context, Development Objectives, and Design .............................................. 1 2. Key Factors Affecting Implementation and Outcomes .............................................. 7 3. Assessment of Outcomes .......................................................................................... 19 4. Assessment of Risk to Development Outcome ......................................................... 27 5. Assessment of Bank and Borrower Performance ..................................................... 27 6. Lessons Learned ....................................................................................................... 30 7. Comments on Issues Raised by Borrower/Implementing Agencies/Partners .......... 32 Annex 1. Project Costs and Financing .......................................................................... 33 Annex 2. Outputs by Component ................................................................................. 34 Annex 3. Economic and Financial Analysis ................................................................. 42 Annex 4. Bank Lending and Implementation Support/Supervision Processes ............ 43 Annex 5. Beneficiary Survey Results ........................................................................... 44 Annex 6. Stakeholder Workshop Report and Results ................................................... 45 Annex 7. Summary of Borrower's ICR and/or Comments on Draft ICR ..................... 46 Annex 8. Comments of Cofinanciers and Other Partners/Stakeholders ....................... 54 Annex 9. List of Supporting Documents ...................................................................... 55 MAP .............................................................................................................................. 56 3 A. Basic Information Fourth Export Finance Country: Turkey Project Name: Intermediation Loan (EFIL IV) IBRD-75380,IBRD- Project ID: P096858 L/C/TF Number(s): 75390,IBRD-80150 ICR Date: 06/23/2015 ICR Type: Core ICR TSKB AND TURK Lending Instrument: FIL Borrower: EXIM BANK Original Total USD 600.00M Disbursed Amount: USD 855.71M Commitment: Revised Amount: USD 900.00M Environmental Category: F Implementing Agencies: Turkiye Sinai Kalkinma Bankasi (TSKB) Turkiye Ihracat Kredi Bankasi (Turk Eximbank) Cofinanciers and Other External Partners: B. Key Dates Revised / Actual Process Date Process Original Date Date(s) Concept Review: 02/08/2008 Effectiveness: 06/19/2008 06/19/2008 03/17/2011 06/13/2011 Appraisal: 03/31/2008 Restructuring(s): 10/10/2012 05/17/2013 Approval: 05/22/2008 Mid-term Review: Closing: 06/30/2013 12/31/2014 C. Ratings Summary C.1 Performance Rating by ICR Outcomes: Satisfactory Risk to Development Outcome: Moderate Bank Performance: Satisfactory Borrower Performance: Satisfactory 4 C.2 Detailed Ratings of Bank and Borrower Performance (by ICR) Bank Ratings Borrower Ratings Quality at Entry: Moderately Satisfactory Government: Highly Satisfactory Implementing Quality of Supervision: Satisfactory Satisfactory Agency/Agencies: Overall Bank Overall Borrower Satisfactory Satisfactory Performance: Performance: C.3 Quality at Entry and Implementation Performance Indicators Implementation QAG Assessments (if Indicators Rating Performance any) Potential Problem Project at Quality at Entry No None any time (Yes/No): (QEA): Problem Project at any time Quality of Supervision No None (Yes/No): (QSA): DO rating before Satisfactory Closing/Inactive status: D. Sector and Theme Codes Original Actual Sector Code (as % of total Bank financing) Banking 15 15 General finance sector 20 20 General industry and trade sector 50 50 SME Finance 15 15 Theme Code (as % of total Bank financing) Export development and competitiveness 40 40 Micro, Small and Medium Enterprise support 20 20 Other Financial Sector Development 20 20 Other Private Sector Development 20 20 E. Bank Staff Positions At ICR At Approval Vice President: Laura Tuck Shigeo Katsu Country Director: Martin Raiser Ulrich Zachau Practice Manager/Manager: Aurora Ferrari Lalit Raina Project Team Leader: Ilias Skamnelos Steen Byskov ICR Team Leader: Samuel Munzele Maimbo ICR Primary Author: Aminata Ndiaye 5 F. Results Framework Analysis Project Development Objectives (from Project Appraisal Document) (i) Support exports by providing medium- and long-term working capital and investment finance to exporting firms; and (ii) Improve the ability of the financial sector to provide financial resources to firms through development of financial intermediaries. Revised Project Development Objectives (as approved by original approving authority) N/A (a) PDO Indicator(s) Actual Value Original Target Formally Baseline Achieved at Indicator Values (from approval Revised Value Completion or documents) Target Values Target Years Export growth by participating firms relative to sector export growth Indicator 1 : (median) Value (Quantitative or n/a >0 5.96 Qualitative) Date achieved 05/22/2008 12/31/2014 12/31/2014 Comments (incl. % Fully achieved. achievement) Non-performing loans/total loan:(a) by amount and Indicator 2 : (b) by number of loans, all measured among loans included in the project (a) lower than sector weighted NPL ratio in (a) 3.0 percent Value the economy (4 percent (US$25.2 million) quantitative or n/a in June 2014) (b) 2.7 percent (10 Qualitative) (b) less than 5 % of all NPLs) loans in the project Date achieved 05/22/2008 12/31/2014 12/31/2014 Comments (incl. % Fully achieved. achievement) (b) Intermediate Outcome Indicator(s) Original Target Actual Value Formally Baseline Values (from Achieved at Indicator Revised Target Value approval Completion or Values documents) Target Years Indicator 1 : Amount provided to exporters under the project Value (Quantitative 0 US$596.3 million US$896 million US$856 million or Qualitative) Date achieved 05/22/2008 06/30/2013 12/31/2014 12/31/2014 Comments (incl. % Fully disbursed - difference due to exchange rate differential. achievement) 6 Indicator 2 : Number of banks and leasing companies included in the project Value (Quantitative 0 12 13 or Qualitative) Date achieved 05/22/2008 12/31/2014 12/31/2014 Comments (incl. % Fully achieved. achievement) Indicator 3 : Amount of investments in projects supported by investment loans greater than amounts Value (Quantitative 0 US$328.5 million disbursed for US$328.5 million or Qualitative) investment loans and leases Date achieved 05/22/2008 06/30/2013 12/31/2014 12/31/2014 Comments (incl. % achievement) Share of medium term financing (more than 12 months) in total PFI Indicator 4 : loan portfolio Value (Quantitative 55% 59% 50% or Qualitative) Date achieved 06/30/2008 12/31/2014 12/31/2014 Comments (incl. % The value of this indicator dropped from 63 percent in June 2014 to 50 achievement) percent in end-2014. Indicator 5 : Number of beneficiary enterprises Value (Quantitative 0 320 304 or Qualitative) Date achieved 05/22/2008 12/31/2014 12/31/2014 Comments (incl. % 95% achieved. achievement) G. Ratings of Project Performance in ISRs Actual Date ISR No. DO IP Disbursements Archived (USD millions) 1 09/26/2008 Satisfactory Satisfactory 60.47 2 10/15/2008 Satisfactory Satisfactory 60.47 3 06/26/2009 Satisfactory Satisfactory 176.37 4 12/16/2009 Satisfactory
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