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Page 1 CONFORMED COPY LOAN NUMBER 4787 TU Loan Agreement (Railways Restructuring Project) between REPUBLIC OF TURKEY and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated March 13, 2006 Page 2 2 Page 3 LOAN NUMBER 4787 TU LOAN AGREEMENT AGREEMENT, dated March 13, 2006, between the REPUBLIC OF TURKEY (the Borrower) and the INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank). WHEREAS (A) the Bank has received a letter dated December 30, 2004, describing a program of actions, objectives and policies designed to restructure the railways sector and to improve performance of the sector (hereinafter called the Program), and declaring the Borrower