Announcement of Exim Bank of Japan Signs Untied Co-Financing Agreement with World Bank to Support Turkey's Energy Sector Adjustment Program on September 22, 1987

FOR IMMEDIATE RELEASE World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. BANK NEWS RELEASE NO. 88/SlS Contact: Fawzi Rihane (202) 473-2675 EXIM BANK OF JAPAN SIGNS UNTIED COFINANCING AGREEMENT WITH WORLD BANK TO SUPPORT TURKEY'S ENERGY SECTOR ADJUSTMENT PROGRAM WASHINGTON, Sept. 22 The Export-Import (EXIM) Bank of Japan has signed today a co-lenders' agreement with the World Banlt to support the energy sector adjustment program of the Republic of Turkey. Under the agreement, the EXIM Bank will provide an untied Japanese Yen loan equivalent to US$ 300 million to co-finance a previously approved World Banlt loan equivalent to US$ 325 million made to the Republic of Turkey. The co-lenders' agreement was signed at the World Bank's headquarters in Washington, D.C. by Mr. Makoto Sunagawa, Chief Representative of Japan's EXIM Bank, and, on behalf of the World Bank, Mr. Hans-Eberhard Kopp, Director for Turkey and Pakistan. The signing of the loan agreement between EXIM Banlt and the Republic of Turkey took place today in Tokyo. The loans from the Japanese EXIM Bank and the World Bank will support the Government's reform program in the energy sector. The program's major objectives are to improve the efficiency of energy production in the public sector and to support efforts to promote private sector participation in the sector. The loans will also support policy measures designed to reduce energy supply constraints. .•