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World Bank Document Document of The World Bank FOR OFFICIAL USE ONLY Report No: 42800-TR Public Disclosure Authorized PROJECT APPRAISAL DOCUMENT FOR A US$197.4 MILLION AND €65 MILLION (US$300 MILLION EQUIVALENT) LOAN TO TURIdYE SINAI KALKINMA BANKASI A.Q. (TSKB) Public Disclosure Authorized AND A US$150 MILLION AND €94.9 MILLION (US$300 MILLION EQUIVALENT) LOAN TO TURIdYE IHRACAT KREDI BANKASI A.Q. (EXIMBANK) WITH Public Disclosure Authorized THE GUARANTEE OF THE REPUBLIC OF TURKEY FOR THE FOURTH EXPORT FINANCE INTERMEDIATION PROJECT APRIL 25,2008 Private and Financial Sector Development Department Turkey Country Unit Europe and Central Asia Region Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS (Exchange Rate Effective March 12,2008) Currency Unit = New Turkish Lira (TRY) New Turkish Lira 1 = 0.820 US$ US$1 = 1.22 New Turkish Lira FISCAL YEAR July 1 -June 30 ABBREVIATIONS AND ACRONYMS ALM Asset and Liability Management BDDK Banking Regulation and Supervision Agency CEO Chief Executive Officer CBT Central Bank of Turkey CIRR Commercial Interest Reference Rate CIS Commonwealth of Independent States CPS Country Partnership Strategy DC Direct Contracting ECA Export Credit Agency or Europe & Central Asia (Region) EFIL I Export Finance Intermediation Loan EFIL I1 Second Export Finance Intermediation Loan EFIL I11 Third Export Finance Intermediation Loan EFIL IV Fourth Export Finance Intermediation Loan EU European Union FSL Fixed Spread Loan FMR Financial Monitoring Reports FMS Financial Management System FX Foreign Exchange GOT Government of Turkey IFRS International Financial Reporting Standards ICB International Competitive Bidding ICR Implementation Completion Report IF1 International Financial Institution ISA International Standards on Auditing ISR Implementation Status Report ISP International Shopping Procedures LAC1 Loan Administration Change Initiative NCB National Competitive Bidding NS National Shopping YTL New Turkish Lira OECD Organization for Economic Cooperation and Development OM Operational manual PFI Participating Financial Intermediary (bank or leasing company) PIU Project Implementation Unit SCL Single Currency Loan SMP Staff Monitored Program SOE Statement of Expenditure TSKB Tiirkiye Sinai Kalkinma Bankasi (the Borrower) Eximbank Tiirkiye Ihracat Kredi Bankasi (the Borrower) ~ Vice President: Shigeo Katsu Country Director: Ulrich Zachau Sector Director: Fernando Montes-Negret Sector Manager: Lalit Raina Team Leader: Steen Byskov FOR OFFICIAL USE ONLY PROEJCT APPRAISAL DOCUMENT Republic of Turkey FOURTH EXPORT FINANCE INTERMEDIATION LOAN (EFIL IV) TABLE OF CONTENTS MAIN REPORT I. STRATEGIC CONTEXT AND RATIONALE .......................................................... 1 A . Country and Sector Issues ........................................................................................ 1 B . Background and Rationale ........................................................................................ 2 C . Higher Level Objectives to which the Project Contributes ..................................... 2 I1. PROJECT DESCRIPTION .................................................................................... -2 A . Lending Instrument.................................................................................................. 2 B . Project Development Objective and Key Indicators ................................................. 3 C . Project Components .................................................................................................. 3 D. Lessons Learned and Reflected in the Project Design.............................................. 4 E. Alternatives Considered and Reasons for Rejection................................................. 5 I11. PROJECT IMPLEMENTATION............................................................................... -5 A . Partnership Arrangements ....................................................................................... -5 B. Institutional and Implementation Arrangements ...................................................... 6 C . Monitoring and Evaluation of OutcomesResults .................................................... -6 D. Sustainability ........................................................................................................... -6 E. Critical Risks and Possible Controversial Aspects ................................................... 7 F. Loan Conditions and Covenants ................................................................................ 8 IV. APPRAISAL SUMMARY .......................................................................................... 9 A . Economic and Financial Analyses ............................................................................ 9 B . Technical ................................................................................................................... 9 C . Fiduciary ................................................................................................................... 9 D. Social ..................................................................................................................... -10 E. Environment - Category FI ..................................................................................... 10 F. Safeguard Policies - Occupational Health and Safety in the Ship-building Industry ....................................................................................................................................... 10 G. Readiness ................................................................................................................ 11 This document has a restricted distribution and may be used by recipients only in the performance of their official duties . Its contents may not be otherwise disclosed without World Bank authorization . iii TECHNICAL ANNEXES Annex 1: Country and Sector Background........................................................................ 12 Annex 2: Major Related Projects Financed by the Bank and/or Other Agencies .............16 Annex 3: Results Framework and Monitoring ................................................................. 17 Annex 4: Project Description ........................................................................................... 18 Annex 5: Project Costs (millions) .................................................................................... 22 Annex 6: Implementation Arrangements ......................................................................... 23 Annex 7: Financial Management, Audit and Disbursement Arrangements ...................... 42 Annex 8: Procurement Arrangements .............................................................................. 49 Annex 9: Environmental Review Procedures .................................................................... 55 Annex 10: Occupational Health and Safety in the Shipbuilding Industry ....................... 57 Annex 11: Project Processing ........................................................................................... 59 Annex 12: Statement of Loans and Credits ...................................................................... 60 Annex 13: Turkey at a Glance .......................................................................................... 63 Annex 14: Map IBRD 3 11 OOR .................................................................. $64 iv TURKEY FOURTH EXPORT FINANCE INTERMEDIATION LOAN (EFIL IV) PROJECT APPRAISAL DOCUMENT EUROPE AND CENTRAL ASIA ECSPF Date: April 25, 2008 Team Leader: Steen Byskov Country Director: Ulrich Zachau Sectors: General finance sector (50%); Sector ManagerDirector: Lalit Raina General industry and trade sector (50%) Themes: Other financial and private sector development (P) Project ID: PO96858 Environmental screening category: Financial Intermediary Assessment Lending Instrument: Specific Investment Loan [XI Loan [ 3 Credit [ 3 Grant [ ] Guarantee [ ] Other: For Loans/Credits/Others: Total Bank financing (US$m.): US$197.4 million and €65 million (US$300 million equivalent) loan to Turkiye Sinai Kalkinma Bankasi A.S. (TSKB) And US$]50 million and €94.9 million (US$300 million equivalent) loan to Turkiye Ihracat Kredi Bankasi A.S. (Eximbank) Proposed terms: TSKB - A flexible Loan with fixed spread, level repayment of principal, the final maturity of the loan is 28.5 years including a 7 year grace period. Eximbank - A flexible Loan with fixed spread, level repayment of principal, the final maturity Development Total: 0.00 600.00 600.00 Borrower: Turkiye Sinai Kalkinma Bankasi (TSKB) and Turkiye Ihracat Kredi Bankasi (Turk Eximbank); Guarantor: Republic of Turkey Responsible Agency: Turkiye Sinai Kalkinma Bankasi (TSKB) and Turkiye Ihracat Kredi Bankasi (Turk Eximbank); Turkey V Project implementation period: Start June 30,2008 End: June 30,2013 Expected effectiveness date: July 15, 2008 Expected closing date: June 30, 2013 Does the project depart from the CAS in content or other significant respects? [ ]Yes [XINO Re$ PAD I.C. Does the project require any exceptions from Bank policies? [ ]Yes [XINO Have these been approved by Bank management? [ ]Yes [ IN0 Is approval for any policy exception sought from the Board? [ ]Yes [XINO Does the project include any critical risks rated “substantial” or “high”? [ ]Yes [XINO Ref:.I PAD III.E. Does the project meet the Regional criteria
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