WASHINGTON, May 22, 2008- The following project was approved today by the World Bank’s Board of Executive Directors:   IBRD LOANto TSKB: US$300 million
TERMS: Maturity= 28.5 years; Grace= 7 years IBRD LOAN to Eximbank: US$ 300 million TERMS: Maturity= 30 years; Grace= 5.5 years PROJECT DESCRIPTION: The objective of this project is to help to expand capacity and improve competitiveness of exporting firms by providing medium and long-term working capital and investment finance. The project also aims to continue developing the capacity of banks and leasing companies as financial intermediaries to provide credit to firms. The Loan will be to the Turkish Industrial Development Bank-Turkiye Sinai ve Kalkinma Bankasi (TSKB) and to the Turkish Export Bank-Turkiye Ihracat Kredi Bankasi (EXIMBANK), with a government guarantee. EFIL 4 follows three earlier projects, EFIL 1-3, under which Turkish banks and leasing companies provided about $600 million in export financing to about 500 Turkish companies since 1999.  For more information please call  Michael Jones at 202-473-2588 or e-mail mjones2@worldbank.org
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