21759 - TSKB Sub Loan

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Summary of Proposed Investment

Project Number

21759

Company Name

TURKIYE SINAI KALKINMA BANKASI A.S.

Date SPI Disclosed

May 6, 2004

Country

Turkiye

Industry

Financial Markets

Projected Board Date

Jun 6, 2004

Status

Completed

Sector

Capital Markets Financing Company (Including Investment Banking)

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Aug 25, 2004
Signed : Sep 21, 2004
Invested : Nov 5, 2004

Project Description

The proposed project consists of a subordinated loan of $50 million to Turkiye Sinai Kalkinma Bankasi (TSKB or the company), Turkey’s largest term-lending institution. Founded in 1950 with assistance from the World Bank, TSKB has played an active role in Turkey’s economic development and has provided medium term loans to more than 3,500 projects. It has also invested in the equity of more than 100 companies. The purpose of this investment is to strengthen TSKB’s tier II capital and thereby enable it to expand its balance sheet. TSKB is the borrower of choice for multi-lateral credit lines and therefore, this project will enable TSKB to enhance availability of medium term funding for capital investment by Turkish private sector companies.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.0
Equity

Development Impact

This is a Category FI type 2 project according to IFC''s Environmental Review Procedures. The client will be expected to ensure that each sub-project complies with Turkish EHS requirements as well as the IFC Exclusion List; to prepare an Environmental Management Plan (EMP) acceptable to IFC, including an Environmental Policy and Project Review Procedure (for sub-projects); nominate two individuals with responsibility for the EHS due diligence process, including one individual at the senior level for overall corporate responsibility for the process and one as the coordinator to complete the sub-project due diligence; the two nominees to attend IFC''s CEA Workshop as soon as practical; do not support any Category A projects without prior IFC approval; and provide IFC with Annual Environmental Performance Reports (AEPRs) in a form and content acceptable to IFC.
Location of environmental documents in locally affected community

The developmental impact of this project would include: - providing term funding to Turkish corporates at a time when term funding is scarce, - sending an important signal of support to the Turkish banking system, and - strengthening TSKB’s capital structure and expanding its financial intermediary capacity. IFC’s role in this project is to: - provide long term capital, not otherwise locally available, to an institution that is central to Turkey’s economic development, and - to signal support and confidence in the long term prospects of the Turkish private sector that TSKB will ultimately serve.

Contacts

For Inquiries About the Project, Contact

Mr. Rajagopal Raman, Investment Officer Global Financial Markets Department IFC, Washington. Email: rraman@ifc.org

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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