Turkey - Turkish Electricity Authority (TEK) Restructuring Loan Project

Doclucnt of The World Bank FOR OMCIL& USE ONLY AAIX j 3 I/f- A)J i;ep:t No. P-5422-TU MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$300 MILLION TO THE TURKISH ELECTRICITY AUTHORITY (TEK) FOR THE TEK RESTRUCTURING PROJECT * . MAY 21, 1991 This document has retrieted distribution and may be usd by recpienb only in the performance of their official duties. Its contents may not otherwise be discloed without World Bank authorization.  CURRENCY EQUIVALENTS Currenc- Unit Turkish Lira (TL) US$1.00 TL 3704 (March 1991) TL 1.00 US$0.000270 TL 1,000,000 US$270,000 MEASURES AND EOUIVALENTS 1 Kilometer (km) 1,000 meters (m) 0.6214 miles (mi) 1 Meter (m) = 39.37 inches (in) 1 Kilocalorie (kcal) 3.97 British Thermal Units (BTU) 1 Kilovolt (kV) = 1,000 Volts (V) 1 Kilovolt ampere (kVa) = 1,000 Volt - amperes (VA) 1 Megawatt (MW) = 1,000 kilowatts (KW)=l million Watts 1 Gigawatt-hour (GWh) 1,000,000 Kilowatt-hours (kWh) PRINCIPAL ABBREVIATIONS AND ACRONYMS DSI - Devlet Su Isleri (State Hydraulic Works) ESAL - Energy Sector Adjustment Loan FMIP - Financial Management Improvement Program GOT - Government of Turkey ICB - International Competitive Bidding ICG - Internal Cash Generation LCB - Local Competitive Bidding LIB - Limited International Bidding MENR - Ministry of Energy and Natural Resources MIS - Management Information System OMIP - Operational Management Improvement Program PSBR - Private Sector Borrowing Requirements SEE - State Economic Enterprise SPO - State Planning Organization TEK - Turkiye Electrik Kurumu (Turkish Electricity Authority)  FOR OMCIAL VW ONLY TURISH ELECTRICITY AUJTHORITY TEK RESTRUCTURING PROJECT LOAN AN PROECT SUMMR Borrower: Turkish Electricity Authority (TEK) Guarantor. Republic of Turkey Amount: US$300 million equivalent leSms: Seventeen years, including a five-year grace period, at tho Bank's standard variable interest rate. Financing Plan for total investments in he nover subsector (1991-94): ^/ USS million Local Eoreign Total Public Sector S.540 1.713 7.253 - TEK-Net ICG 890 890 GOT Equity 1,373 - 1,373 Customer Deposits 40 - 40 Bank Loan 300 300 Other Borrowing 1.146 2785 Subtotal - TEK 3,942 1.446 5.388 - DSI-PPA 1,598 - 1,598 GOT 26Z 267 Subtotal - DSI 1.598 267 1.865 Private Sector 714 1_568 2.282 Total 6,254 3,281 9,535 A/ Rounded. Economic Rate of Return: 16X Staff ApDraisal Report No.: 9385-TU mg: IBRD 23018 This document has a restricted distribution and may be used by recipients only . t! performan of their official duties. Its contents may not otherwise be diclosod without We -,ld BanK authorizaltio.  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE TKISH ELECTRICITY AUTHORITY FOR THE TEK RESTRUCTURING PROJECT 1. The following memorandum on a proposed loan of US$300 million equivalent to the Turkish Electricity Authority (TEK) at the Bank's standard variable interest rate, repayable over seventeen years including a five-year grace period, is submitted for approval. The Loan, which would be guaranteed by the Government of Turkey (GOT) with TEK bearing the foreign exchange risk, would assist in the restructuring of TEK's capital and debt, improving the utility's management and in expanding its transmission and distribution capacity. 2. Project Setting and Background. Turkey's dependence on imported energy has increased over the last two decades and it is expected to remain high beyond the turn of this century. The Government's long term Energy Strategy calls for the accelerated development of domestic hydropower potential and lignite deposits. Substantial investments were launched to this effect following the second round of increases in the price of oil in 1978/79, which ultimately succeeded in overcoming the crippling energy shortages of the early 1980s. The Government has, however, confronted increasing difficulties in implementing its strategy. Lignite development was virtually suspended because of environmental concerns, and instead imports of natural gas from the USSR have increased, and negotiations for importing gas from Algeria have been concluded. The development of hydropower potential experienced significant cost overruns in the wake of accelerating domestic inflation and sizeable devaluations of the nominal exchange rate in the second half of the 1980s. In an effort to reduce the fiscal deficit and restrain inflation, public sector investment was reduced significantly in all sectors, including in the power subsector. Given that the ongoing hydropower development program could not be stopped in the tracks, resources were diverted away from transmission and distribution investments, leading to an imbalance in the composition of subsector assets, which must be corrected before the major hydropower schemes currently under implementation in eastern Turkey come on stream between 1991 and 1994 to provide about 2400 KW of now generating capacity. High voltage transmission facilities to evacuate power from the new plants to the main load centers located in the western part of the country are now the main feature of power investments in the Sixth Plan (1990-94), which calls for restricting public sector investment in power generation projects and extending and reinforcing the transmission and distribution networks. 3. Lessons Learned. TEK, the Turkish Electricity Authority, is a Public Economic Enterprise (PEE), responsible for a large proportion of such investment, except for hydropower schemes which DSI, the State Hydraulic Works, builds and then turns over to TEK. PCRs on three past Bank financed projects in the power subsector (Loans 1023-TU, 1844-TU and 2650-TU) noted major problems with regard to TEK's performance, including, in particular, weak financial management, absence of strategic corporate planning, lack of autonomy, and inadequate tariff levels. The Bank's Energy Sector Adjustment Loan (Loan 2856-TU) addressed several policy and institutional issues across the sector as a whiole, although progress in the power subsector, particularly in the area of financial and tariff policy, was less than planned. TEK's financial situation has deteriorated in the last three years, which constrains severely the uLtility's role as a potential buyer and distributor of electricity as well as a major source of subsector investment. TEN's situation is especially worrisome, given that TEK: (a) enjoys a virtual monopoly in the generation, distribution and transmission of electric power; (b) is one of the two largest public/state economic enterprises in the country; and (c) is a major contributor to the Public Sector's Borrowing Requirements (PSBR).  4. Rationale for Bank Involvement. The deteriorating economic environment since late 1987, coupled with a concomitant serious erosion of TEK's electricity tariffs ln real terms, resulted in TEK not complying with important financial covenants agreed with the Bank since 1988, particularly in regard to internal cash generation and short term liquidity. Financial pressures forced TEK to borrow, especially from foreign commercial banks at shorter maturities, to complete major generation projects as well as to meet other financLal obligations. The sharp increase in TEK's debt-service on foreign loans caused by the accelerated devaluation of the nominal exchange rate of the Turkish Lira through 1989, and the continued debt-financing of a relatively high level of investments, plunged the utility into financial distress. The absence of an agreement with the Bank on the rationalization of power investments brought the Bank's new lending to the subsector to a halt since 1988. TEK emerged as a major contributor to the PSBR. The Government's request in 1989 for the Bank's help in restructuring TEK enabled a renewed dialogue with GOT and TEK. The proposed reform program for the power subsector, to be implemented during the Sixth Plan, would deepen the reforms supported under ESAL, focussing on a medium-term corporate restructuring program for TEK, which woild rehabilitate the utility's finances and, in the process, restore compliance with the above financial covenants. S. The Government has formulated this program with the assistance of the Bank. After a three-year period of policy drift in the subsector, a consensus has emerged on the major policy issues, leading to initiation of reforms toward rationalizing tariffs, subsector investments, instituting environmental safeguards, and increasing autonomy and accountability of TEK. Bank lending for the highest priority components of the 1991-94 time-slice of TEK's medium-term investment program would be a vehicle for offering support to the program for restructuring TEK and the power subsector, as well as for strengthening local capacity to assess the environmental impacts of subsector investments. In the absence of the Bank's assistance, the restructuring of TEK and its restoration to financial solvency would be exposed to considerable uncertainty. 6. Project Objectives. The main objectlves of the proposed Loan are to support: (a) the corporate restructuring of TEK in the context of the Government's State Economic Enterprise (SEE) reform program; and (b) the implementation of an agreed medium term least-cost investment program for the power subsector in both the public and private sectors during the period 1990-1994, and the strengthening of local capacity to assess their environmental impact. 7. Project Deserintion. The proposed Loan of US$300 million would: (a) support the implementation of a Corporate Restructuring Program for TEK which includes: (i) a reform of electricity pricing policy; (ii) a reform of TEK's management practices; and (iii) restructuring of TEK's capital and debt including conversion of part of it into equity; (b) partially finance the foreign exchange cost of a time-slice (1991- 94) of TEK's least-cost investment program; and (c) finance technical assistance to build up TEK's capability to carry out environmental impact assessments and for (a) and (b) above. The specific investments under such least-cost program to be financed from the proposed Loan would be subject to Bank approval, and incorporated in TEK's annual Corporate Performance Plan for the year concerned together with the financing plan. Retroactive financing amounting to a maximum of US$30 million would be provided for expenditures incurred during the twelve month period prior to Loan signature. 8. Summary of Agreements and Recommendations. The Government and TEK have agreed to a least-cost investment program for the power subsector, composed of ongoing and new projects for TEK and DSI, as well as for the private sector, for the period 1990- 94, including a financing plan for the public sector. GOT/TEK have agreed to carry out by December 31, 1992, a reform of tariff policy which will enable TEK to set tariffs to ensure compliance with the agreed financial criteria, on the basis of the  3 economic costs of electricity supply. In the absence of a proper costing basis for formulating tariff policy, GOT/TEK have since March 1990, made monthly adjustments to TEK's tariffs to maintain them at US 6 cents/kWh (net of levies and taxes), roughly equivalent to the long term marginal cost of electricity supply. GOT/TEK have agreed to continue such monthly increases until the tariff reform is implemented. This would protect TEK's financial viability and its debt-service capacity in a high-inflation and uncertain macroeconomic environment. To reform its management practices, TEK has agreed to implement: (a) a Financial Management Improvement Program (FMIP) by December 1992; (b) with the assistance of an experienced electric utility, to be contracted by February 29, 1992, on the basis of bidding documents to be issued by October 31, 1991, an Operational Management Improvement Program (OMIP) which would include: (i) developing a costing basis for TEK's operations; (ii) designing and implementing a program to enhance TEK's efficiency in operations; (iii) developing, by September 30, 1992, a tariff setting framework; and (iv) establishing commercially-oriented cost centers and instituting transfer pricing within TEK; and (c) a Management Iniormation System by December 1993. The proposed operation has been reviewed under the Bank's procedures for environmental assessment (Operational Directive 4.00, Annex A) and placed in environmental screening category B. The operati..Jn will not require the preparation of an environmental assessment; however, an env1t.onmental review has been prepared of the main transmission line investment. To reduce adverse environmental impacts and strengthen the utility's environmental assessment capacity, TEK has agreed: (a) to implement the recommendations of the environmental review carried out with Bank assistance of proposed transmission system investment to be financed under the Project during final design and construction; and (b) to establish an independent department of the environment and to staff it in a manner satisfactory for the Bank by June 30, 1992. 9. To assist TEK's financial rehabilitation program, GOT has agreed: (a) to increase prior to effectiveness, TEK's paid-up capital through debt to equity conversion and fresh capital injections; and (b) to take all necessary measures, to cause all its departments, agencies and wholly-owned companies to settle their electricity bills within three months of billing. In addition, TEK has agreed: (a) to maintain a current ratio of at least 1.0 in 1993 and thereafter, and accounts receivable levels at no more than 3 months billing in 1992 and at no more than 2 months billing thereafter; (b) to maintain a debt service coverage ratio of 1.1 for 1992 and 1.5 for 1993 and thereafter; (c) to achieve an internal cash generation level of 10% for 1992, 25% for 1993, 30% for 1994 and 35% thereafter; (d) to appoint international auditors to audit TEK's accounts; and (e) by June 30, of each year, to furnish to the Bank TEK's audit report together with the annual accounts for the preceding year. Other effectiveness conditions are: (a) TEK to contract financial advisors to assist TEK in implementing the FMIP; and (b) GOT/TEK to maintain tariffs at effectiveness at no less than US 6 cents/kWh, net of all taxes and levies. 10. To strengthen TEK's autonomy, accountability and corporate planning, the utility has agreed, no later than October 31, of each year, to review with the Bank and agree with the Government a Corporate Performance Plan (CPP) for the following fiscal year setting forth for such year: (a) the physical targets, including the investment time-slice to be carried out and the components thereof to be financed from the proposed Loan; (b) the financial targets and the measures for financial restructuring and implementation of the FMIP; (c) the operational and commercialization targets, including actions towards implementation of the OMIP; and (d) the levels of services, borrowing needs, ftnancing plan and tariff levels and structure. To facilitate monitoring, TEK has agreed to: (a) establish before July 1, 1991 a subcommittee of its Board of Directors, headed by an Assistant General Manager cum Board Member, to oversee the implementation of the restructuring program; and (b) by December 31, each year, to furnish to the Bank, TEK's Corporate Performance Plan approved by the Government for the ensuing year. Finally, GOT/TEK have agreed  -4- to pursue further restructuring options for TEK, including divestiture/privatization, under the framework of an overall SEE reform program for the country which is to be carried out with Bank assistance. 11. Benefits. Largely as a result of rationalized tariff policies and of improved financial discipline, it would be possible for the Government gradually to reduce its financial transfers to TEK, these being no longer necessary after 1994. TEK would continue to borrow abroad to finance its investment program, but after 1992, net borrowings would be slowing down. The term structure of the company's debt and its creditworthiness would improve, as would TEK's net worth and growth prospects. TEK's net borrowing is also expected to decline considerably in relation to GNP, from 1.5% in 1989 to 0.2% in 1991, and to become negative in 1994. Increased operating income, expected once major hydropower plant and associated transmission links are completed, will contribute to TEK's ability to service its debt. From a macro balances view point, the program would help the country to reduce its resource gap, as TEK's investment-savings gap as a share of GNP would fall considerably, from 1.9X in 1989 to about 0.7% in 1991, and become negative in 1994, which should also contribute to fiscal adjustment. This would be reflected in a decline of TEK's contribution to the PSBR (i.e., its net borrowings, net of GOT's budgetary transfers and support funds), which has already been falling from 1.4% of GNP in 1989 to 1.0 in 1990, and 0.7% in 1991. TEK, the Government and the Bank jointly conducted an intensive review of the projects that merit inclusion in the agreed least-cost investment program for the period 1990-94, covering generation, transmission and distribution investments in the entire power subsector. The time-slice of TEK's investment program to be financed under the proposed Project is part of the least-cost program of power subsector investments in Turkey, for which the economic rate of return is estimated at 161. 12. Risks. The main risk is the possibility that the restructuring of TEK will not be implemented successfully and that the enterprise will continue to experience a deteriorating financial position, with adverse effects on the fiscal position of the Government. Despite TEK's poor track record in earlier reform attempts, the commitment of the Government and of TEK's management to the proposed program of reforms reduce this risk to a level commensurate with the expected benefits of the Project. The Bank's preparation and appraisal of the Project has catalyzed the development of a consensus across Turkey's political spectrum that the problems of TEK need to be confronted, and that the company's finances need to be restructured so that TEK would no longer contribute heavily to the public sector's deficit. The annual Corporate Performance Plan and the Bank's approval of the specific expenditures to be financed every year under the proposed Loan would be an effective mechanism for the Bank and the Government to monitor implementation of key decisions and actions. RECOMMENDATIO 13. I am satisfied that the Loan would comply with the Articles of Agreement of the Bank and I recommend that the Executive Directors approve the proposed Loan. Barber B. Conable President Attacbments Washington, D.C. May 21, 1991  -5- Schedule A TURKISM ELECTRICITY UTHORTY (TEX) ZLU1t RESTRUCTNIt&E: Total Investments snd Financing Plan in the Power Subsector (CYs 1991-94): Investment Program (USS Million) Local Forelgn Total Public Sector - TEK 3,942 1,446 5,388 - DSI 1,598 267 1,865 Private Sector - CEAS & KEPEZ 185 262 447 - Others 529 1,306 1,835 Total 6,254 3,281 9,535 Financing Plan P-ublig Sector - TEK-Net ICG 890 - 890 GOT Equity 1,373 - 1,373 Customer Deposits 40 - 40 Bank Loan 300 300 Other Borrowing 1.639 1.146 2.785 Subtotal - TEK 3.942 1.446 5.388 * - DSI-PPA 1,598 - 1,598 GOT - 267 269 Subtotal - DSI 1.598 267 1.865 Private Sector - CEAS & KEPEZ 185 262 447 Others 529 1,306 1,835 Total 6,254 3,281 9,535  6- -h 6 TUBRISH ELECTRICITY AUTHORITY (TEK) K RESTZU=ING PRCJ= Procuremnt Method and Disbursements (1991-94) (US$ million) ------- - Procureamt Mbthod----------------- It z 1CB 0thT Sotal 380 kV TranmissioL Lines 213.5 (179.4) - 213.5 (178.4) SUbstations 58.7 (50.2) - 5.7 (50.2) Distribution Equip. 71.8 (54.3) - 71.9 (54.3) transmission Spares 7.0 (6.1) 7.0 (6.1) Tecmical Assistance - 11.6 (10.0) 11.6 (10.0) Total (Bank) 344.1 (283.0) 18.6 (18.1) 362.7 (300.0) Didt ~~I~~fag~~~1 (~UShWffllon) (1) Goods (including associated 290.0 (a) 1002 of foreign expenditures works and services) and 1002 of local espenditures (ox-factory costs) witb respect to contracts for aoods only; and (b) 85X with respect to turn-key contracts providing for the supply of soods in addition to associated works and services. (2) Training, Technical Service and 10.0 1002 Consultancy Estimated Disbursement Sohedule tUS Mniin) MYS&l 45 86 100 75 CuAultive 45 125 225 300  -7- Schedule C TURKEY TURKISH ELECTRICITY AUTHORITY (TEK- TEK RESTRUCTURING PROJECT Timetable of Key Project Processing Events (a) Time taken to prepare: 20 Months (b) Prepared by: TEK and Government of Turkey (c) First Bank Mission: 08/14/89 (d) Appraisal Mission Departure: 05/14/90 (e) Negotiations: 04/22/91 (f) Planned Date of Effectiveness: 09/15/91 (g) Relevant PCRs: - Third Transmission Project (Loan 2322-TU) - Elbistan Project (Loans 1023-TU and 2650-TU)  -8- Schedule D THE STATUS OF BANK GROUP CPERATIONS IN TURKEY Page 1 of 2 A. STATEMENT OF BANK LOANS ANQ IDA CREDITS (As of March 31. 1991) Amount (Sail lion) Loan Fiscal less cancellations) No. Year Borrower Purpose Bank IDA Undisbursed Seventy-f ive Loans, six S-Loans and 14 credits have been fully disbursed 5,068.17 196.15 of which SECALs, SALs and Program Loans. a/ Ln. 1818-TU 1980 RepublIc of Turkey SAL 200.00 0.00 Lni. 1915-TU 1981 Republic of Turkey SAL 75.00 0.00 Ln. 1987-TU 1981 Repubtic of Turkey SAL Il 300.00 0.00 Ln. 2158-TU 1982 Republic of Turkey SAL III 304.50 0.00 Ln. 2321-TU 1983 Republic of Turkey SAL IV 300.80 0.00 Ln. 2441-TU 1984 Republic of Turkey SAL V 376.00 0.00 Ln. 2585-TU 1985 Republic of Turkey ASAL 250.19 0.00 Ln. 80160-TU 1987 Republic of Turkey FSAL 1 32.25 0.00 Ln. 80190-TU 1987 Republic of Turkey FSAL 1 20.00 0.00 Ln. 80220-TU1988 Republic of Turkey ESAL 30.59 0.00 Ln. S0240-TU1989 Republic of Turkey FSAL It 29.68 0.00 Sub-Total 1,919.01 0.00 Ln. 2400-TU 1984 Republic of Turkey Technical Assistance to SEEs 3.67 1.18 Ln. 2405-TU 1984 Republic of Turkey Agr. Extension and Research 72.20 26.76 Ln. 2433-TU 1984 Republic of Turkey IAEE Extension 115.30 40.51 Ln. 2439-TU 1985 Republic of Turkey Second Highway 186.40 6.65 Ln. 2535-TU 1985 Republic of Turkey Third Ports 129.50 72.17 Ln. 2536-TU 1985 Republic of Turkey Industrial Schools 57.70 29.25 Ln. 2586-TU 1985 TEK Fourth TEK Transmission 142.00 16.23 Ln. 2602-TU 1986 TEK Power Systems Operations Asst. 140.00 104.83 Ln. 2647-TU 1986 Republic of Turkey Small- and 4edium-Scale Industry 100.00 1.98 Ln. 2655-TU 1986 Republic of Turkey Kayraktepe Hydropower 200.00 180.83 Ln. 2663-TU 1986 Republic of Turkey Drainage & On-Farm Development 255.00 213.80 Ln. 2714-TU 1986 Repubtic of Turkey Financial Sector Adj. Loan 300.00 4.94 Ln. 2739-TU 1987 Republic of Turkey Railways II 197.00 69.81 Ln. 2750-TU 1987 Republic of Turkey Sir Hydropowar 132.00 15.15 Ln. 2776-TU 1987 Republic of Turkey Non-Formal Vocational Training 58.50 53.10 Ln. 2818-TU 1987 IZSU tzmir Water Sup. & Sewerage 184.00 149.37 Ln. 2819-TU 1987 Republic of Turkey Cukurova Urban Development 120.00 108.16 *Ln. 2856-TU 1987 Republic of Turkey Energy Sector Adjustment Loan 325.00 57.92 Ln. 2888-TU 1988 ISKI Istanbul Water Supply 218.00 152.44 Ln. 2901-TU 1988 TSKO, SYK8, and Industrial Export Development 300.00 15.56 Republic of Turkey Ln. 2922-TU 1988 Republic of Turkey Industrial Training II 115.80 92.97 *Ln. 2964-TU 1988 Republic of Turkey FSAL SI 400.00 100.00 Ln. 3057-TU 1989 Republic of Turkey Health 75.00 74.38 Ln. 3067-TU 1989 Republic of Turkey SYI It 204.50 127.92 Ln. 3077-TU 1989 Republic of Turkey Agro-Industry 150.00 137.89 Ln. 3090-TU 1989 Republic of Turkey Third Agricultural Credit 250.00 121.31 Ln. 3151-TU 1990 ASKI Ankara Sewerage 173.00 171.92 Ln. 3177-TU 1990 Republic of Turkey Second Agricultural Extension 63.00 62.00 Ln. 3192-TU 1990 Republic of Turkey National Education 90.20 90.20 Ln. 3296-TU 1990 Republic of Turkey Technology DeveLopment 100.00 100.00 Total 9,925.94 196.15 2,399.23 of which has be repaid 2.580.69 39.19 Total now outstan - 7-345.25 156.96 Amounts sold 3.55 of which has been repaid 3.55 Total now held by the Sank and IDA b/ 7,341.70 156.96 Total undisbursed 2,399.23 a/ Approved during or after FY80. b/ Prior to exchange adjustments. * SECAL  -9- Schedule D Page 2 of 2 THE STATUS Of BANK GROUP OPERATIONS IN TURKEY S. STATEMENT OF IFC INVESTWENTS (As of March 31, 1991) iless cance Lltions) Date Borrower Purpose Loan Equity Total 1970/a6t86/85890 ACS Glass Glass manufacturing 20.79 3.64 24.43 1973 Akdeniz Tourism 0.33 0.87 0.60 1974 Aksa Textiles 10.00 0.00 10.00 1976/79 Asil Celik Machinery B equipment 12.00 5.82 17.82 1975 Asian Cement manufacturing 10.60 0.00 10.60 1974/77 Borusan Iron & Steel 3.60 0.50 4.10 1986 Cam Elyaf Glass manufacturing 7.94 0.00 7.94 1990 Conrad Restaurants & Hotels 45.00 4.00 49.00 1989 Disbank Comnercial banks 60.00 0.00 60.00 1975/78/81/83 Ooktas Iron & Steel 7.50 2.85 10.35 1989 Dusa Textiles 25.00 0.00 25.00 1979 Ege osan Motorcycles & bicycles 2.15 0.00 2.15 1988 Elginkan Manufacturing 16.45 0.00 16.45 1986/89 Eska Turism Tourism 9.08 0.00 9.08 1987 Guney Textiles 16.48 0.00 16.48 1988 IGFK Leasing 0.00 0.71 0.71 1988 Interbank Multipurpose banks 60.00 0.00 60.00 1979/80/82/84/85 Isas Metals & motor vehicles 8.85 4.59 13.44 1989 Isko Textiles 33.24 0.00 33.24 1990 Kamelya Restaurants & Hotels 12.09 0.00 12.09 1975 Kartaltepe Textiles 1.30 0.00 1.30 1991 Kepez Electric Utilities 25.00 0.00 25.00 1989/90 Kiris Hotel Restaurants & Hotels 13.03 0.00 13.03 1981/89 Kirklareli Glass manufacturing 33.42 0.00 33.42 1991 Koy Tur Slaughtering 8.60 4.00 12.60 1991 Kula Textiles 18.88 0.00 18.88 1982 Man Motors Motor Vehicles 7.89 0.00 7.89 1985 Manas Motor Vehicles 6.47 0.00 6.47 1980 enssa Textiles 4.00 0.00 4.00 1990 Mersin Restaurants & Notels 12.50 0.00 12.50 1971 Nasas Metal manufacturing 8.57 1.85 10.42 1984 Pinar Slaughtering 3.90 0.00 3.90 1989 Ram Dis Other 4.75 0.00 4.75 1989 Sanko Textiles 6.37 0.00 6.37 1989 Sariville Restaurants & Hotels 2.66 2.15 4.81 1975 .1sa Resins & Plastic manufacturing 15.00 0.00 15.00 1989 ..4S Textiles 7.72 0.00 7.72 1972 Sifas Textiles 3.15 1.94 5.09 1986/90 Silksr Tourism 24.17 4.91 29.08 1990 Simplot Food Products 9.13 0.00 9.13 1979/81/83/84/89 Trakya Cam Glass manufacturing 88.63 15.03 103.66 1964t66/67/72/73/ TSKB DFC 60.00 5.93 65.93 75t76/77/80/83 1990 Turkish Fund Merchant Bank 0.00 8.85 8.85 1970/71/82/83 Viking Paper manufacturing Z.;0 0.87 3.37 Total Gross Commitments 728.74 67.91 796.65 Less: Cancellations, Terminations Exchange Adjustments, Prepayments and Sales 366.99 3