TuRKEY US Report On The
Middle EastKCTIT wins an $18 million contract to provide improvements to dwelling units at the Phantom housing area of Incirlik Air Base
Monday, 2 October 2006
Kolin Construction Tourism Industry and Trading (KCTIT) Co., Ankara, Turkey, is being awarded a $17,841,086 performance-price trade off contract. The Improve Family Housing Phantom project will provide phased delivery of whole neighborhood improvements to 235 dwelling units at the Phantom housing area of Incirlik Air Base.
This work will be complete January 2009. 39th Air Base Wing, Incirlik Air Base, Turkey, is the contracting activity.World Bank approves a $500 million loan for Turkey's social security system
Thursday, 29 June 2006
The World Bank’s Board of Executive Directors has approved today an International Bank for Reconstruction (IBRD) $500 million for Turkey.
A key objective of the loan is to move the social security system towards medium term sustainability while continuing to improve the institutional structure of public expenditure management. The reformed social protection system will aim to provide a comprehensive social protection system that insures against old age poverty, ill health, job loss and provides social protection for the poor. The reforms will help move Turkey’s macroeconomic framework and social protection system towards compatibility with the European Union.World Bank approves a $190 million Access to Finance for Small and Medium Enterprises Project for Turkey
Thursday, 8 June 2006
The World Bank has approved today a $190 million Access to Finance for Small and Medium Enterprises Project for Turkey.
The Project’s main development objective is to increase opportunities for Small and Medium Enterprises (SMEs) in Turkey to obtain credit, while contributing to their growth. The project will also provide credit to regions in the east, southeast, and center of the country, where credit is less developed.World Bank approves a $350 million Electricity Generation Rehabilitation and Restructuring Project Loan for Turkey
Tuesday, 6 June 2006
The World Bank has approved today a $350 million Electricity Generation Rehabilitation and Restructuring Project Loan for Turkey.
The development objective of the project loan is to mitigate the risk of electricity supply shortages during the period of energy reform transition until around 2010; and to support the restructuring of the state-owned generation sector into corporate entities and prepare them for operation in the electricity market and for subsequent privatization.
The project includes rehabilitation of the Afsin-Elbistan A Power Plant that has a design capacity of 1,355 MW with four generating units but cannot operate at more than about 75% of its capacity and its efficiency has declined by about 25%. New environmental protection systems, specifically electrostatic precipitators (ESPs) will be installed to reduce dust and particulate emission; as well as new systems for frequency control that would allow the power plant to meet the standards established by the Union for the Coordination of Transmission of Electricity in Europe (UCTE).IFC extends $40 million to Turkey’s Acibadem Healthcare Group to construct three new hospitals in Istanbul, Izmir
Wednesdays, 8 March 2006
The International Finance Corporation (IFC) has signed an agreement with Turkey’s Acibadem Healthcare Group to provide a $40 million equivalent corporate loan.
The project includes construction of three new full-service general hospitals in Izmir and Istanbul (at Maslak and Fulya).Raytheon wins an $11 million contract modification for the procurement of 50 AGM-154A-1, 54 AGM-154C missiles
Tuesday, 28 February 2006
Raytheon Missile Systems, Tucson, Arizona, is being awarded an $11,135,500 modification to a previously awarded firm-fixed-price contract for the procurement of 50 AGM-154A-1 and 54 AGM-154C Joint Stand-Off Weapon (JSOW) missiles; one JSOW Dummy Air Training Missile; and 105 containers for the Government of Turkey.
Work will be performed in Tucson, Arizona, and is expected to be completed in April 2008. The Naval Air Systems Command, Patuxent River, Maryland, is the contracting activity.Raytheon wins a $14 million contract modification to provide technical support for AIM-9X Missile on Turkish F-16
Thursday, 2 February 2006
Raytheon Missile Systems, Tucson, Arizona, is being awarded a $14,874,018 ceiling-priced modification to a previously awarded firm-fixed-price contract to provide technical services in support of the software integration of the AIM-9X Missile capability on the F-16 Aircraft, including technical data and support equipment for the Government of Turkey.
Work will be performed in Tucson, Arizona (70 percent); and in Eskisehir, Turkey (30 percent), and is expected to be completed in December 2007. The Naval Air Systems Command, Patuxent River, Maryland is the contracting activity.Moody's upgrades Turkey's key foreign-currency ratings to Ba3 from B1
Wednesday, 14 December 2005
Moody's rating agency has upgraded Turkey's key foreign-currency ratings in light of the country's positive economic, political and social transformation over the past four years.
The country ceiling for foreign-currency debt and the Turkish government's foreign- and domestic-currency issuer ratings were raised to Ba3 from B1. Accordingly, the ratings on the Republic of Turkey's long-term foreign currency bonds have been upgraded to Ba3 from B1. The country ceiling for bank deposits has been raised to B1 from B2. The outlooks on the country and government ratings have been revised to stable. Turkey's local currency guideline is A3, and its A3 local currency bank deposit ceiling has been affirmed.
Moody's said vibrant growth and progressive structural adjustment have strengthened the resiliency of the economy and placed the government's debt and debt service burden on a fast track towards the pre-crisis levels of 2000.
The investors service explained that fiscal and monetary restraint has succeeded in reducing double-digit fiscal deficits, inflation, and real interest rates to single-digit levels. The central bank will begin to implement an inflation-targeting framework in January in an effort to cement these trends. Ongoing regulatory and supervisory changes along with mergers, acquisitions and closures of weak or poorly managed banks continue to bolster the health of the once-struggling financial system.IFC will provide $15 million in loans to Bilgi University in Istanbul to establish a business school
Thursday, 1 November 2005
The International Finance Corporation (IFC) has signed an agreement to provide Bilgi University in Istanbul with a $10 million loan and an additional stand-by loan of up to $5 million. The investment will allow the university to establish a business school and to expand the number of students enrolled. It will also consolidate its e-learning platform through a new information center and introduce distance learning for adult education through satellite learning centers across the country.
This is IFC’s second investment in the university after a $12 million investment in 2001.World Bank approves a $325 million project to increase reliability, stability of gas supply in Turkey
Tuesday, 29 November 2005
The World Bank’s Board of Executive Directors has approved today a $325 million project to increase the reliability and stability of the gas supply in Turkey.
The project will put into place critically needed gas storage and network infrastructure; and support BOTAS in strengthening its operations as a financially stable and commercially managed corporation.World Bank, Turkey sign a $400 million Istanbul Seismic Risk Mitigation, Emergency Preparedness Project (ISMEP) Loan Agreement
Tuesday, 18 October 2005
The World Bank and the Turkish Government have signed today a $400.00 million Istanbul Seismic Risk Mitigation and Emergency Preparedness Project (ISMEP) Loan Agreement for Turkey. Andrew Vorkink, Country Director for Turkey of the World Bank, signed the Agreement with a representative of the Undersecretariat of Treasury on behalf of the Turkish Government, in the presence of the Governor of Istanbul Muammer Güler.
The Istanbul Seismic Risk Mitigation and Emergency Preparedness (ISMEP) project’s main objective is to transform Istanbul in the next 10-20 years into a city more resilient to a major earthquake. The specific objective of the project is to improve the city of Istanbul’s preparedness for a potential earthquake through enhancing the institutional and technical capacity for disaster management and emergency response; strengthening critical public facilities for earthquake resistance; and supporting measures for better enforcement of building codes and land use plans. The Istanbul Special Provincial Administration will be the responsible agency on behalf of the Republic of Turkey.IFC will provide Milli of Turkey with $50 million to support the growth of insurance especially earthquake reinsurance.
Thursday, 13 October 2005
The International Finance Corporation (IFC) will provide Milli Reassurans T.A.S. of Turkey with a contingent liquidity facility of up to $50 million to support the growth of the insurance market and build on the existing capacity for earthquake reinsurance.
Milli Re plans to expand its business with a strong retrocession (reinsurance) program for earthquake coverage. The facility, which is IFC's second to Milli Re, also allows the company to diversify its sources of reinsurance and gives it continued access to conventional reinsurance parties at reasonable rates.IFC provides $12 million for Palmet of Turkey gas distribution activities
Wednesday, 21 September 2005
The International Finance Corporation (IFC) has signed an agreement with Palmet Metal Endüstri ve Ticaret A.ª. in Turkey to provide $12 million for its gas distribution activities.
IFC's financing package consists of a $5 million loan to Palmet's subsidiary operating in Gebze, a $2 million loan to Palmet's subsidiary operating in Erzurum, and a $5 million standby loan for future concessions. The proceeds of these loans will be used to fund the subsidiaries' gas network expansion programs.Lockheed wins a $68 million contract to begin development of a major systems upgrade of Turkish Air Force F-16
Wednesday, 20 July 2005
Lockheed Martin has received a long-lead contract, valued at approximately $67.7 million, from the U.S. Air Force to begin development of a major systems upgrade of Turkish Air Force F-16 aircraft. The total contract is valued at approximately $800 million and is expected to be issued in mid-2006.
The upgrade program will create a robust, common avionics configuration for the Turkish Air Force’s F-16 Block 40 and Block 50 aircraft, plus a modest modification to their Block 30 aircraft. The Turkish configuration being integrated consists of the APG-68(V)9 multimode radar (currently being installed on new Advanced Block 50/52 F-16s), color cockpit displays and recorders; new core avionics processors; the Joint Helmet-Mounted Cueing System; Link 16 data link; advanced interrogator/transponder; integrated precision navigation; an upgraded version of the Self-Protection Electronic Warfare System (SPEWS II) and compatibility with a number of new weapons and targeting systems.
Lockheed Martin is the principal contractor for the program.Tasks include the development effort, kit accumulation, technical assistance for kit installation, upgrades to pilot training systems, and logistics support and training. The baseline program includes kits for 37 Block 30s, 76 Block 50s and four Block 40s. There is an option for 100 more Block 40 kits.
Kit installation will be performed by TUSAS Aerospace Industries (by separate agreement) with technical assistance from Lockheed Martin. Program milestones include modification kit trial verification installation beginning in early 2007 and continuing about two years. Flight testing will begin in early 2009 and will last approximately two years.IFC signs a $50 million subordinated debt investment in Turk Ekonomi Bankasi
Monday, 27 June 2005
The International Finance Corporation (IFC) has announced today the signing of a $50 million subordinated debt investment in Turk Ekonomi Bankasi. The investment will strengthen the bank’s tier-2 capital and boost its lending to small and medium enterprises and retail customers across Turkey.
IFC’s financing complements an investment by BNP Paribas, which became a joint venture partner of Turk Ekonomi Bankasi earlier this year. BNP Paribas’ global expertise will enable Turk Ekonomi Bankasi to leverage IFC’s investment effectively and become one of the leading players in Turkey’s banking sector.World Bank approves a $ 275 million Municipal Services Project Loan for Turkey
Thursday, 23 June 2005
The World Bank has approved today a $ 275 million Municipal Services Project Loan for Turkey. The project’s main objective is to support the Government’s sustainable environmental services in selected municipalities. To meet this objective, the project will:
1st, Support the development of municipal infrastructure to improve the environment and quality of water; wastewater and solid waste management services. This development will be measured by the following indicators: reduction in water losses, increased volume of wastewater treated, increased number of water and sewerage connections and use of sanitary landfills.
2nd, Support municipal utilities to strengthen their financial position, improve operational efficiency, and prepare and implement projects. This will be measured by the following indicators: improvement in working ratios, reduction of water that is unaccounted for, and successful completion of projects.
3rd, Support the institutional strengthening of Iller Bank (IB) so that it is able to implement the project in a satisfactory manner.
The Treasury is the Guarantor of the loan and Iller Bank will be in charge of the overall implementation of the project.World Bank approves a $465 million Second Privatization of Social Support Project Loan for Turkey
Tuesday, 14 June 2005
The World Bank has approved today a $465.4 million Second Privatization of Social Support Project Loan (PSSPII) for Turkey.
The project's main objective is to support the Government's privatization program through mitigating the social and economic impact of the privatization of state-owned enterprises (SOEs). The Government's privatization program aims to enhance the efficiency and competitiveness of the Turkish economy and thereby help in meeting the market demands of EU accession.
The Privatization Administration will be in charge of the overall implementation of the project, which is composed of three components: Job Loss Compensation; Labor Redeployment Services and Management; and Monitoring and Evaluation.World Bank approves a $185 million Railway Restructuring Loan for Turkey
Thursday, 9 June 2005
The World Bank has approved today a $184.7 million Railway Restructuring Loan for Turkey. The project will help to improve the financial viability, productivity, and effectiveness of railways operations in the country.
The Bank’s investment lending support for the proposed Government’s railway restructuring program would be through a two-phased Adaptable Program Loan (APL).
The APL1 (with a total cost of $221.0 million of which $184.7 million is Bank financed) would include line capacity increase along Mersin-Toprakkale and Yenice-Boazköprü corridors; and support for improved internal and public communication.
The APL2 (with a total cost of about $230 million, of which at least $115 million is expected to be Bank financed) that will be finalized during the implementation of the APL1 would include line capacity increase along Irmak-Zonguldak corridor.
Through its first APL, the project will assist in setting up a new legal framework allowing TCDD to operate on a commercial basis; increase the transparency and accountability of TCDD operations through the separation of the infrastructure and operating (freight, passenger) entities; shift from current regional based organization toward a “lines of business” organization; and modernizing some of TCDD’s core infrastructure and operating assets to improve safety level.
“The project will also serve to align the Turkish railways competitiveness with European railways," said Country Director for Turkey Andrew Vorkink.Ceyhan-Haifa Pipeline aims to bring Baku-Tiblisi-Ceyhan pipeline (BTC) oil to Israel -- Washington Institute
Friday, 27 MAY 2005
Ceyhan-Haifa Pipeline, first discussed during Turkish Prime Minister Recep Tayyip Erdogan's May 2005 visit to Israel, said a Washington Institute for Near East Policy analysis, aims to bring Baku-Tiblisi-Ceyhan pipeline (BTC) oil to Israel via a sub-Mediteranean pipeline through Cyprus.
There are also plans for parallel pipelines to carry water, gas, and electricity and perhaps fiber-optic lines to Israel, as well as to Northern Cyprus, Jordan, and the Palestinian territories, bringing the latter closer to Turkey and Israel economically and politically.President Bush will welcome Turkish PM Erdogan to the White House
Tuesday, 23 May 2005
President George W. Bush will welcome Turkish Prime Minister Recep Tayyip Erdogan to the White House on 8 June 8 2005, announced the Office of the Press Secretary. This meeting will provide an opportunity to invigorate U.S.-Turkish cooperation with respect to Turkey's European Union aspirations, and to strengthen co-work to advance freedom in Iraq and the broader Middle East; Central Asia and the Caucasus.World Bank approves a $305 Million Export Finance Intermediation Loan (EFIL III) for Turkey
Tuesday, 17 May 2005
The World Bank has approved today a $305 Million ($201.05 Million and Euro 80.41 Million) Export Finance Intermediation Loan (EFIL III) for Turkey. This loan is the third of its kind to Turkey.
At a time when the economy is showing strong signs of growth, and export performance is on the rise, the EFIL III (2005-2010) will have a single component, a credit line for exporters, and will provide the medium and long-term funds to exporters through two distinct channels: (i) $165 million and €65 million through commercial banks in the form of investment or working capital loans, and (ii) $35 million and €15 million through leasing companies in the form of lease finance for acquisition of productive assets (vehicles, machinery and/or equipment).
The credit line will be provided to Turkish Industrial Development Bank- Turkiye Sinai ve Kalkinma Bankasi (TSKB), with a government guarantee.US, Turkey sign a 1 billion Letter for the systems upgrade of Turkish F-16
Tuesday, 26 April 2005
The governments of the United States and Turkey have signed a Letter of Offer and Acceptance (LOA) for the systems upgrade of Turkish F-16 aircraft at an estimated total value of $1.1 billion. Lockheed Martin will be the principal contractor for the upgrade program that will create a robust, common avionics configuration for Turkey’s fleets of F-16 Block 40 and Block 50 aircraft.
The Turkish configuration being integrated consists of the APG-68(V)9 multimode radar (currently being installed on new Advanced Block 50/52 F-16s); color cockpit displays and recorders; new core avionics processors; the Joint Helmet-Mounted Cueing System; Link 16 data link; advanced interrogator/transponder; integrated precision navigation; a unique electronic warfare system, and compatibility with a number of new weapons and targeting systems.IFC signs a $207 million loan to Arçelik, Turkey's leading household appliance manufacturer
Friday, 8 April 2005
The International Finance Corporation (IFC) has signed today an agreement to provide a $206.95 million loan to Arçelik, Turkey's leading household appliance manufacturer and one of the five top players in the European market for white goods. The financing will be used for a corporate investment program, which will include the construction of a greenfield manufacturing plant in Russia.
The financing comprises a $103.47 million loan for IFC's own account, and a five-year syndicated loan of $103.47 million that IFC has arranged for Citibank, ABN AMRO Bank, Calyon, HypoVereinsbank, ING, Société Générale, and West LB. The investment will enable Arçelik to modernize its facilities.
Established in 1955, Arçelik had consolidated sales of $3.7 billion in 2004, with a workforce of about 11,000. Exports account for almost 50 percent of the sales. Arçelik is a member of the Koç Group. Founded in 1926, the group reported solid financial results in the first nine months of 2004, with total assets of $12.4 billion, consolidated sales revenues of $10.5 billion, and net profit of $277 million.IFC signs a $43 million loan with a leading vehicle fleet company in Turkey
Tuesday, 29 March 2005
The International Finance Corporation (IFC) has signed a $42.75 million loan agreement with Intercity, one of the leading vehicle fleet management companies in Turkey. Following an earlier IFC equity investment, the financing will provide long-term capital for the company's growing fleet business.
IFC's loan consists of a $15 million A-loan for its own account, and a $27.75 million B-loan for the account of two participants, Cordiant of Montreal, Canada and the State Bank of India Los Angeles Agency.World Bank approves a $105 million Secondary Education Project Loan for Turkey
Tuesday, 15 March 2005
The World Bank has approved today a $105 million Secondary Education Project Loan (SEP) for Turkey. The main development objective of the project is to improve the quality and economic relevance of secondary education in Turkey.
The project will support curriculum reforms in general and vocational education; including the increasing the use of information communication technology; strengthening career guidance and counseling programs to help students place themselves effectively in labor market; as well as assessing and benchmarking education programs and institutions to national and international norms.Moody's upgrades the outlook on all of Turkey's ratings to positive from stable
Friday, 11 February 2005
Moody's rating agency has changed the outlook on all of Turkey's ratings to positive from stable in light of the country's considerable economic progress since 2001 and the prospects for a significant deepening of economic, financial, and even political integration with the European Union (EU).
At the same time, Moody's has upgraded the ratings on the government's Turkish lira-denominated instruments to B1 from B2 in recognition of improved domestic debt sustainability.
While acknowledging that a heavy debt burden and a wide current account deficit remained sources of vulnerability for Turkey, the investors service said its positive outlook reflects both the way the economy has performed — rapid disinflation, robust investment, increased productivity — and the way it is managed — political stability and responsibility in macroeconomic management.
Moody's ascribed the success of legislating profound socio-political reforms in recent years to the highly popular quest for EU membership. A single, dominant political party, the AK Party, has shepherded these policy changes since the November 2002 election that brought it to power, and the country was recently awarded an October 2005 date for the start of EU membership negotiations. If, as seems increasingly likely, the political leadership can remain unified for a lengthy period, the EU project will continue to support the continued modernization and convergence of the Turkish economy.U.S. provides a $9 million grant to the World Bank to support Turkey's Social Risk Mitigation Project
Monday, 7 February 2005
The World Bank has signed today grant agreement documents with the United States and the Turkish Treasury, whereby the U.S. will provide $9,000,000 to the World Bank to be used to support the Social Risk Mitigation Project.
This program is designed to provide direct cash assistance to the poorest families in Turkey, to the poorest 6% of children aged 0-18 and pregnant mothers as well as to create incentives for these families to keep their children, particularly their girls, enrolled in school.IFC provides $20 million to construct two new hospitals in Turkey
Thursday, 11 November 2004
The International Finance Corporation (IFC) will provide $20 million to the Acibadem Healthcare Group in Turkey to finance its expansion, which includes construction of the Kozyatagi hospital, a specialized oncology and neurosurgery hospital in Istanbul, and a general hospital in Bursa.Moody's changes the outlook on Turkiye Is Bankasi's (Isbank) D financial strength rating to stable from negative
Wednesday, 18 August 2004
Moody's rating agency has changed the outlook on Turkiye Is Bankasi's (Isbank) D financial strength rating (FSR) to stable from negative. The bank's foreign currency deposit ratings of B3/NP and its Baa2/P-2 local currency deposit ratings are unaffected by this action and retain their positive and stable outlooks respectively. Isbank is headquartered in Istanbul, Turkey, and at year-end 2003 had total assets of $22.14 billion.
According to Moody's, the change in the outlook of the FSR reflects the general improvement in Isbank's financial condition over the past 24 months and also the expectation that this trend will not be reversed over the medium term.
The investors service has highlighted the significant improvement in asset quality from the 2001 peak in non performing loans (NPLs) through restructuring and recoveries and the growth of lending in the relatively less risky consumer loan segment. Furthermore, net NPLs have been eliminated through high provisioning levels and write-offs and no longer pose a threat to equity.
Moody's also points out that Isbank's earnings capacity is at a good level, on a risk-weighted basis. The bank has a well developed business mix that can prove resilient in a changing macroeconomic environment.U.S. imports from Turkey go up to $2.3 billion in the first half of 2004
Friday, 13 August 2004
U.S. exports to Turkey went up to $1,743.8 million in the first half of 2004 from $1,489.8 during the same period in 2003.
According to U.S. Census Bureau today, U.S. imports from Turkey also went up to $2,296.6 million from $1,870.4 million in the first half of 2003.IMF enables Turkey to draw $661 million, waives deviation from the target for base money
Friday, 30 July 2004
The Executive Board of the International Monetary Fund (IMF) has completed today the eighth review of Turkey's economic performance under the Stand-By Arrangement. The decision will enable Turkey to draw an amount equivalent to about $661 million from the IMF immediately, bringing total disbursements to an amount equivalent to $17 billion under the arrangement.
With this decision, the Executive Board also granted Turkey's request to waive the non-observance of an end-April performance criterion in regard to a small deviation from the target for base money.Ex-Im Bank approves a $60 million loan guarantee to export three gas turbines to build a power plant in Kayseri, Turkey
Friday, 16 July 2004
The Export-Import Bank of the United States (Ex-Im Bank) has approved a $60 million loan guarantee to support the export by GE Packaged Power Inc., Houston, Tex., and other U.S. suppliers of three gas turbines to build a 154-megawatt combined cycle power plant in Kayseri, Turkey.
In Ex-Im Bank's first co-financing with Denmark's export credit agency EKF, EKF will reinsure $16.3 million of the financing to cover the export by Aalborg Engineering A/S of Denmark of heat recovery steam generators for the plant. The buyer of the U.S. and Danish equipment is Zorlu Enerji Elektrik Uretimi Otoproduktor Grubu A.S. (Zorlu Enerji) in Bursa, Turkey.IFC invests $92 million in Trakya Glass Bulgaria
Thursday, 1 July 2004
The International Finance Corporation (IFC) has signed an agreement to invest $92.5 million in Trakya Glass Bulgaria. The investment will help the parent company, Turkiye Sise ve Cam Fabrikalari, the holding company of the Sisecam Group, finance a new float glass and glassware facility in Targovishte, Bulgaria. The project is the largest foreign direct investment in Bulgaria since 1989.
IFC's investment includes $85 million in loans and $7.5 million in equity. The loan consists of $35 million equivalent for IFC's own account and syndications of $50 million equivalent.IFC provides an $18 million loan to Turkey's Ege Liman Isletmeleri A.S. (Ege Ports)
Wednesday, 30 June 2004
The International Finance Corporation (IFC) has signed an agreement to provide an $18 million loan to Ege Liman Isletmeleri A.S. (Ege Ports), which holds a 30-year concession to operate the Kusadasi cruise ship port on Turkey's Aegean coast. Kusadasi is Turkey's largest cruise port by passenger volume and a gateway to important historical sites, including the ancient cities of Ephesus and Priene.
IFC's financial package for Ege Ports consists of a $10 million loan for IFC's own account and an $8 million syndicated loan for the account of Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO), the Dutch development bank.BAE wins a $100 million subcontract to develop, deliver hardware, software for the AN/ALQ-178(V)5+ Electronic Warfare systems for Turkey's F-16
Tuesday, 1 June 2004
BAE Systems has been selected by the Turkish Ministry of National Defense, Undersecretariat for Defense Industries and the Turkish Air Force as the key subcontractor for an integrated electronic self-protection system to be installed on that nation's F-16 fighters.
BAE Systems will be a subcontractor to MiKES, Inc., who in turn is a subcontractor to the prime contractor ASELSAN, Inc. Both ASELSAN and MiKES are Turkish Defense Industry Enterprises located in Ankara, Turkey.
Under the contract, which is valued at $100 million, development and delivery of hardware and related software for the AN/ALQ-178(V)5+ Electronic Warfare systems will be provided for Turkey's “Block 50” version of its F-16 Fighting Falcon aircraft. Design and development will take place primarily at BAE Systems Information & Electronic Warfare Systems (IEWS) in Nashua, New Hamshirer, over the next four years. An integrated product team that includes both MiKES and IEWS' design experts will develop the highly sophisticated system, that will be able to counter advanced threats. Following the development phase, MiKES will be responsible for the production of 60 systems in Turkey.World Bank approves a $20 million loan for Turkey-Anatolia Watershed Rehabilitation Project
Tuesday, 1 June 2004
The World Bank has approved today the Anatolia Watershed Rehabilitation Project for Turkey. By promoting sustainable natural resource management in twenty-eight microcatchments in Anatolia and Turkey’s Black Sea Region, the project will help reduce environmental damage and raise incomes of communities affected by resource degradation.
The project is being funded by a loan of $20 million from the World Bank and a $ 7 million grant from the Global Environment Facility (GEF) Trust Fund. The project is also expected to receive contributions of about $18 million equivalent from the Turkish government and project beneficiaries. The project encourages a community-based, integrated approach to natural resource management and is designed to introduce environmentally-friendly farming and forestry production practices to raise land productivity, and help reduce nutrient discharge from agricultural sources into the Black Sea.IFC announces the signing of a $30 million loan to Koçlease, a leasing company in Turkey
Tuesday, 27 April 2004
The International Finance Corporation (IFC) has announced the signing of a $30 million loan facility to Koç Finansal Kiralama A.S. (Koçlease) one of the largest and best performing leasing companies in Turkey. The loan will increase the availability of long term funding.
Koçlease is a subsidiary of Koç Financial Services, that is owned by Koç Holding of Turkey and Unicredito Italiano of Italy.IMF completes a review of Turkey's economic performance, approves the disbursement of $495 million
Friday, 16 April 2004
The Executive Board of the International Monetary Fund (IMF) has completed today the seventh review of Turkey's economic performance under the Stand-By Arrangement and approved the disbursement of an amount equivalent to about $495 million. In completing the review, the Executive Board also granted Turkey's request for waivers, and approved the rephasing of the remaining program reviews and an extension of the Arrangement through 3 February 2005.
Turkey's Stand-By Arrangement was approved on 4 February 2002 in a total amount of about $18.6 billion. So far, Turkey has drawn about $16.2 billion under the Arrangement.IFC will provide a $65 million loan to Opet Petrolcülük an importer, retail distributor of petroleum products in Turkey
Tuesday, 6 April 2004
The International Finance Corporation (IFC) will provide a $65 million loan to Opet Petrolcülük, an importer and retail distributor of petroleum products in Turkey. The financing will support the construction of a greenfield marine terminal and tank storage facility and the acquisition of a small terminal, expanding Opet's oil products storage capacity and retail distribution network.
IFC's investment is part of an $85 million financing package comprising loans from FMO and DEG for $10 million each. The loan financing consists of $25 million for IFC's own account and a syndicated B-loan with six other commercial banks for $40 million.IFC signs a $10 million loan to Garanti Leasing in Turkey
Friday, 2 April 2004
The International Finance Corporation (IFC) has announced the signing of a $10 million loan facility to Garanti Leasing in Turkey.
Garanti Leasing is the leasing subsidiary of Garanti Bank, one of the largest private sector banks in that country, and the loan is slated for long-term leasing finance.World Bank approves a $202 million Renewable Energy Loan for Turkey
Thursday, 25 March 2004
The World Bank has approved today a $202.03 million Renewable Energy Loan (REL) for Turkey.
The main objective of the project is to increase privately owned and operated power generation from renewable sources such as hydro and wind within the market-based framework being implemented in accordance with the 2001 Turkish Electricity Market Law and the Electricity Sector Reform Strategy approved by the High Planning Council on 18 March 2004.Opet of Turkey wins a $55 million contract for gasoline to Iraq; Petrol Ofisi wins a $35 million contract for diesel fuel
Monday, 8 March 2004
Opet Petrolcul U.K. A.S., Istanbul, Turkey, was awarded on 5 March 2004, a $55,111,549 fixed-price with economic price adjustment contract for gasoline for Iraq.
Also, Petrol Ofisi A.S., Istanbul, Turkey, was awarded a $35,380,788 fixed-price with economic price adjustment contract for diesel fuel for Iraq.
Performance completion date is expected to be 30 June 2004. The Defense Energy Support Center, Fort Belvoir, Virginia, is the contracting activity.Delta Petrol, Ipgaz and Tefirom of Turkey win $51 million contracts for liquified petroleum gas to Iraq
Monday, 8 March 2004
Delta Petrol Urunleri Ticaret A.S., Istanbul, Turkey, was awarded on 5 March 2004, an $18,228,410 contract, Iprgaz A.S., Istanbul, Turkey, a $17,315,253 contract, and Tefirom Construction & Energy Co. Ltd., Ankara, Turkey, a $15,874,040 contract, all fixed-price with economic price adjustment contracts for liquified petroleum gas for Iraq.
Performance completion date is expected to be 30 June 2004. The Defense Energy Support Center, Fort Belvoir, Virginia, is the contracting activity.IFC provides a $40 million loan to Borusan Holding of Turkey
Tuesday, 24 February 2004
The International Finance Corporation (IFC) is providing a $40 million loan to Borusan Holding A. ª. to help improve its financial and operational performance; implement a number of quality control initiatives; and strengthen corporate governance across the Holding Group.
The Holding represents the flagship operating companies in the pipe segment, distribution, high value added steel manufacture, logistics services and technology sectors. In 1994, IFC financed Borusan's steel pipe operations and provided long-term loans and equity financing for Borçelik Celik Sanayii ve Ticaret A.ª. a producer of cold-rolled coils.IFC signs an agreement to provide a $50 million project finance facility to Oyak Bank in Turkey
Tuesday, 17 February 2004
The International Finance Corporation (IFC) has signed an agreement to provide a $50 million project finance facility to Oyak Bank in Turkey. Oyak Bank is the flagship of the Oyak Group—one of the largest institutional investors in Turkey with subsidiaries and affiliates in several sectors in the automotive, cement, financial services and chemical sectors.
This is IFC's second loan to Oyak Bank, the first being a $40 million syndicated facility which was fully repaid in June 2003.World Bank approves a $303 million Export Finance Intermediation Loan II for Turkey
Tuesday, 13 January 2003
The World Bank has approved today a $303.1 million Export Finance Intermediation Loan II (EFIL II) for Turkey.
The main objective of the project is to follow through on the achievement of the predecessor EFIL I project that was successfully implemented during 1999-2003 and continues to serve as a catalyst to support export and real sector growth in Turkey. To this end, the project will provide medium and long-term working capital and investment finance to Turkish small and medium exporting enterprises.
EFIL II project has a single component - a credit line for exporters and will provide the medium and long-term funds to exporters through two distinct channels (i) $200 million through commercial banks in the form of investment or working capital loans and (ii) $100 million through leasing companies in the form of lease finance for acquisition of productive assets. The credit line will be provided to Turkish Industrial Development Bank - Turkiye Sinai ve Kalkinma Bankasi (TSKB), with a government guarantee.IMF approves a $502 million disbursement to Turkey, grants request for waivers
Thursday, 18 December 2003
The Executive Board of the International Monetary Fund (IMF) has completed today the sixth review of Turkey's economic performance under the Stand-By Arrangement, and approved the disbursement of an amount equivalent to $502 million. In completing the review, the Executive Board granted Turkey's request for waivers for the non-observance of two structural and one quantitative performance criteria.
The waivers relate to the end-September structural performance criterion on reducing overemployment in state economic enterprises; and the end-October criteria for legislation improving the effectiveness of the Banking Regulation and Supervision Agency (which was later passed in December) and the cumulative primary balance of the consolidated government sector.
Turkey's Stand-By Arrangement was approved on 4 February 2002 in a total amount of about $19 billion. So far, Turkey has drawn about $16 billion under the arrangement.Syria now carries one-third of its foreign trade with Turkey -- Ambassador Ziyal
Thursday, 4 December 2003
Syria now carries one-third of its foreign trade with Turkey, said Undersecretary of the Turkish Ministry of Foreign Affairs Ugur Ziyal. Turkey was gratified by the swiftness with which Damascus has turned over the twenty-two suspects being sought by Turkish authorities in connection with November 15 and 20 terrorist bombings in Istanbul, Turkey.
In his remarks at the Washington Institute for Near East Policy today, Mr. Ziyal added, Turkey also cooperates with Iran on terrorism issues. The policies that Iran adopted after the Islamic Revolution are longer being pursed by Tehran; the project of exporting the revolution and toppling other regimes has been dropped.Turkey provides a billion kilowatts of power to Iraq a month in exchange for oil -- State
Tuesday, 28 October 2003
"There's a power plant in Turkey," said State Department Spokesman Richard A. Boucher, "that's begun providing a billion kilowatts of power to Iraq a month, in exchange for shipments of Iraqi oil."Turkey delivers a protest to Israel over alleged purchases of oil fields from Kurds in northern Iraq -- Turkiye
Friday, 24 October 2003
Turkey has reportedly delivered a protest to Israel over alleged purchases of oil fields from Kurds in northern Iraq, said Turkiye.
Turkish Foreign Ministry is said to have yesterday summoned Israeli Ambassador to Turkey Pini Avivi to convey its concern over the matter and to call on Israel to bring such purchases to an end.
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