World Bank Document

World Bank Document

Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: 36238-TR PROJECT APPRAISAL DOCUMENT Public Disclosure Authorized ON A PROPOSED LOAN IN THE AMOUNT OF Euro 50 MILLION TO HALKBANKASI AND A PROPOSED LOAN IN THE AMOUNT OF Euro 100 MILLION TO TURKIYE SINAI KALKINMA BANKASI (TSKB) WITH THE GUARANTEE OF THE REPUBLIC OF TURKEY FOR AN Public Disclosure Authorized ACCESS TO FINANCE FOR SMALL AND MEDIUM ENTERPRISES PROJECT May 12,2006 Private and Financial Sector Development Unit ECCUG 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 3 1st, 2006) Currency Unit = New Turkish Lira (TRY) TRY 1.345 = US$1 US$1.441 = SDR1 FISCAL YEAR January 1 - December 31 ABBREVIATIONS AND ACRONYMS BAT Banks Association of Turkey IFRS International Financial Reporting BEEPS Business Environment and Standards Enterprise Performance Survey ISA International Standards ofAuditing BRSA Banking Regulation and ISDS Integrated Safeguards Data Sheet Supervision Agency MoEF Ministry ofEnvironment and Forests CAS Country Assistance Strategy NPL Non-Performing Loan CBT Central Bank ofTurkey OECD Organization for Economic ECA Europe and Central Asia Cooperation and Development EFIL Export Finance Intermediation PA Privatization Administration Loan PDO Project Development Objectives EL4 Environmental Impact PFI Participating Financial Intermediary Assessment PFPSAL Programmatic Financial and Public EIB European Investment Bank Sector Adjustment Loan EMU European Monetary Union PIU Project Implementation Unit EU European Union SDIF Savings Deposit Insurance Fund EUR Euros SIS State Institute of Statistics in Turkey FDI Foreign Direct Investment SME Small and Medium Enterprises FI Financial Intermediaries SOE State Owned Enterprises FIDER Turkish Leasing Association SPO State Planning Organization FIL Financial Intermediary Loan TKB Turkish Development Bank FSL Fixed Spread Loan TRY New Turkish Lira ICA Investment Climate Assessment TSKB Turkish Sinai Kalkinma Bankasi ICB International Competitive Bidding Vice President: Shigeo Katsu Country ManagerlDirector: Andrew Vorkink Sector Director: Fernando Montes-Negret Sector Manager: Gerard0 Corrochano Task Team Leader: Marialisa Motta TURKEY Access to Finance for Small and Medium Enterprises CONTENTS Page STRATEGIC CONTEXT AND RATIONALE ......................................................................... 1 Country and sector issues............................................................................................................ 1 Rationale for Bank involvement ................................................................................................. 9 Higher level objectives to which the project contributes ............................................................ 9 PROJECT DESCRIPTION ....................................................................................................... 10 Lending instrument ................................................................................................................... 10 Project development objective and key indicators .................................................................... 10 Project components ................................................................................................................... 11 Lessons learned and reflected in the project design.................................................................. 13 Alternatives considered and reasons for rejection .................................................................... 14 IMPLEMENTATION ................................................................................................................ 14 Institutional and implementation arrangements ........................................................................ 14 Monitoring and evaluation of outcomeslresults ........................................................................ 15 * .* Sustainability............................................................................................................................. 15 Critical risks and possible controversial aspects....................................................................... 16 Loadcredit conditions.. and covenants....................................................................................... 17 APPRAISAL SUMMARY ......................................................................................................... 17 Economic and financial analyses .............................................................................................. 17 Technical ................................................................................................................................... 17 Fiduciary ................................................................................................................................... 18 Social......................................................................................................................................... 18 Environment .............................................................................................................................. 18 Safeguard policies ..................................................................................................................... 19 Policy Exceptions and Readiness.............................................................................................. 19 Annex 1: Country and Sector or Program Background......................................................... 20 Annex 2: Major Related Projects Financed by the Bank andlor other Agencies ................. 29 Annex 3: Result Framework and Monitoring Indicators ....................................................... 30 Annex 4: Detailed Project Description...................................................................................... 35 Annex 5: Project Costs ............................................................................................................... 45 Annex 6: Implementation Arrangements ................................................................................. 46 Annex 7: Financial Management and Disbursement Arrangements..................................... 63 Annex 8: Procurement Arrangements ...................................................................................... 72 Annex 9: Economic and Financial Analysis ............................................................................. 75 Annex 10: Safeguard Policy Issues ............................................................................................ 76 Annex 11: Project Preparation and Supervision ..................................................................... 78 Annex 12: Documents in the Project File ................................................................................. 79 Annex 13: Statement of Loans and Credits .............................................................................. 80 Annex 14: Country at a Glance ................................................................................................. 83 Annex 15: Maps (IBRD 33501) .................................................................................................. 85 TURKEY ACCESS TO FINANCE FOR SMALL AND MEDIUM ENTERPRISES PROJECT APPRAISAL DOCUMENT EUROPE AND CENTRAL ASIA ECSPF Date: May 11,2006 Team Leader: Marialisa Motta Country Director: Andrew N. Vorkink Sectors: Micro- and SME finance (70%); Sector ManagerlDirector: Fernando Montes- General finance sector (15%); General Negret industry and trade sector (15%) Themes: Small and medium enterprise support (PI Project ID: PO82822 Environmental screening category: Financial Intermediary Assessment Lending Instrument: Financial Intermediary Loan Project Financing Data [XI Loan [ ] Credit [ ] Grant [ 3 Guarantee [ ] Other: For LoanslCreditslOthers: RECONSTRUCTION AND DEVELOPMENT Total: 0.00 150.00 150.00 Borrower: Turkiye Sinai Kalkinma Bankasi (TSKB) and Halk Bankasi (Halkbank); Guarantor: Republic of Turkey Responsible Agency: Turkiye Sinai Kalkinma Bankasi (TSKB) and Turkiye Halk Bankasi (Halkbank) Turkey lAnnual 1 30.00 I 50.00 1 50.00 I 20.00 I 0.00 1 0.00 I 0.00 I 0.00 I 0.00 ’Cumulative] 30,OO I 80.00 I 130.00 I 150.00 1 0.00 I 0.00 I 0.00 1 0.00 I 0.00 Project implementation period: Start July 30,2006 End: August 20,2010 I Expected effectiveness date: July 30,2006 (for Halkbank) and November 1,2006 (for TSKB) 1 Does the project depart from the CAS in content or other significant respects? [ ]Yes [XINO Re$ PAD A.3 Does the project require any exceptions from Bank policies? Re$ PAD D. 7 [ ]Yes [XINO Have these been approved by Bank management? [ ]Yes [ IN0 Is approval for any policy exception sought from the Board? [ ]Yes [ IN0 Does the project include any critical risks rated “substantial” or “high”? [ ]Yes [XINO Re$ PAD C.5 Does the project meet the Regional criteria for readiness for implementation? [XIYes [ ]No Re$ PAD D. 7 Project development objective Re$ PAD B.2, Technical Annex 3 The project’s main development objective is to increase Turkish SMEs’ access to medium and long-term finance. Project description [one-sentence summary of each component] Re$ PAL) B.3.a, Technical Annex 4 The project will finance two credit lines targeting SMEs. The first component is a

View Full Text

Details

  • File Type
    pdf
  • Upload Time
    -
  • Content Languages
    English
  • Upload User
    Anonymous/Not logged-in
  • File Pages
    95 Page
  • File Size
    -

Download

Channel Download Status
Express Download Enable

Copyright

We respect the copyrights and intellectual property rights of all users. All uploaded documents are either original works of the uploader or authorized works of the rightful owners.

  • Not to be reproduced or distributed without explicit permission.
  • Not used for commercial purposes outside of approved use cases.
  • Not used to infringe on the rights of the original creators.
  • If you believe any content infringes your copyright, please contact us immediately.

Support

For help with questions, suggestions, or problems, please contact us