Announcement of IFC Help to Finance Second Turkish Tourism Enterprise September 8, 1986

International Finance Corporation 4 Monday, September 8, 1986 Monique Amaudry FOR RELEASE: Press Release No. 87/16 CONTACT: (202) 676-9331 IFC HELPS FINANCE SECOND TURKISH TOURISM ENTERPRISE The International Finance Corporation (IFC) made its second investment in the Turkish tourism sector in 1986 with a Dm4.8 million ($2.25 million) loan to Eska Turizm ve Ticaret A.S., which is building a Dm23.76 million ($11.15 million), 315-room, holiday village resort at Side on the south coast of Turkey. In May, 1986, the Corporation, which is the leading multilateral institution that assists the economic growth of developing countries by investing in their private enterprise sectors, invested in a venture to build two other holiday resorts in the same region. Eska Insaat A.S., an established Turkish construction company owned by Messrs. Salem Edes and Kemal Ayyildiz, has provided most of Eska Turizm's capital of Dm11.41 million equivalent ($5.36 million). In addition to IFC's financing, Turkism Bankasi, the Government owned tourism bank, is lending Turkish lira 1.5 billion ($3.02 million). A Turkish Government grant completes the financial plan. Club Aldiana of Frankfurt, Federal Republic of Germany, is responsible for the design and management of the village. Club Aldiana is the resort management arm of NUR Touristic GmbH, the second largest tour operator in Europe. MORE -2- The resort will be family oriented and provide a wide range of sports and recreational facilities. The project is in line with Turkey's policy of promoting tourism and will result in estimated net foreign exchange earnings of Dml0.9 million ($5.12 million) annually. -0-