Announcement of One Million Ten Thousand US Dollars IFC Equity Investment in Turkish Development Institution on October 10, 1979

• I ntemational Finance Corporation IFC Press Release No. 80/5 1818 H Street. NW Washington. D.C. 20433, U.SA 202-4 77-1234 Wednesday, October 10, 1979 $1.1 Million IFC Equity Investment In Turkish Development Institution The International Finance Corporation (IFC) is investing approximately $1.1 million in Turkiye Sinai Kalkinma Bankasi A.S. (TSKB) in connection with TSKB's $18.2 million rights issue to existing shareholders. l'he issue is expected to almost double the development finance company's share capital and reserves, raising the total to $37.1 million. Founded nearly 30 years ago, with suppqrt from the World Bank with which IFC is affiliated, TSKB is now an important source of long-t~rm loan and in- vestment funds in the Turkish private sector. Since its incorporation TSKB • has received a number of World Bank loans as well as five previous equity investments and three loans from IFC. The capital in.crease to which IFC is subscribing is an important element in TSKB's resour~4 mobilization program. It will create a significantly larger base for future TSKB borrowings in support of the institution's financ- ing of private.sector projects that contribute to Turkey's economic develop- .ment. (Any inquiri·es strictly relating to IFC' s participation in this project should be directed to the IFC Information Office, 1818 H Street, N.W. • W~hington, D.C. 20433, Telephone (202) 477-2032.)