Announcement of Twenty-Five Million US Dollars for Turkish Private Sector on June 26, 1975

' ' .FOR IMMEDIATE REL.E"SE· • : ~ I • ~ '\; • ''> ,8 ' II# " International Finance Corporation 1818 H Street. N.W. Washington, D.C. 20433, U.S.A. • 202-393-6360 IFC Press Release No. 75/15 Thursday, June 26, 1975 $25 Million for Turkish Private Sector The International Finance Corporation (IFC) and the Libyan Arab Foreign Bank are joining with other financial institutions including UBAF Limited (London) and Union de Banques Arabes et Fran~aises - U.B.A.F. (Paris) in making a long-term loan of $25- million to Turkiye Sinai Kalkinma Bankasi A.S., a private development finance company in Turkey. IFC is retaining $5 million of the loan for its own account • • The loan reflects the Company's continuing need to obtain new sources of foreign exchange financing for relending to private enterprises in Turkey. Turkiye Sinai Kalkinma Bankasi is majority owned by financial institutions in Turkey. At the end of 1974, its assets were $272.9 million. IFC is affiliated with the World Bank. These two institutions and the Bank's other affiliate, the International Development Association, have provided a total of $247 million in loan, credits and equity to Turkiye Sinai Kalkinma Bankasi since it was established in 1950; IFC became a shareholder in 1963. (Any inquiries strictly relating to IFC's participation in this project should be directed to the IFC Business Relations Unit, 1818 H Street, N. W. , Washington, • D.C. 20433, Telephone (202) 477-2355) .