AsJ IL' / &-7U -Document of

The World Bank

FOR OFFICIAL USE ONLY

MICROFICHE COPY

Report No. P- 5738-TU Type: (PM)KOCICi A. / X32396 / H5 151/ ECIIE

MEMORANDUM1 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$270 MILLION

TO THE

REPUBLIC OF TURKEY

FOR A

BERKE HYDROPOWER PROJECT

MAY 5, 1992

IThis document has a restricted distribution and may be used by recipients only in the perfonnance oftheir official duties. Its contents may not otherwise be disclosed without World Bank authorization.

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CURRENCY EOUIVALENTS

Currency Unit - Turkish Lira (TL)TL 1.00 - 100 Kurus (KRS)US$1.00 - TL 6585 (April 24, 1992)TL 1.00 - US$0.0002

MEASURES AND EOUIVALENTS

k (kilo) - 103 Ws (Watt second) - Joule (J)M (mega) - lo0 J - 0.239 calG (giga) - 109 kcal - 3.968BTUT (tera) - 1012 kWh - 3.8 MJA - ampere TOE - 10.2 GcalV - volt TCE - 7.1 GcalW - watt Meter (m) - 3.28 feetJ - Joule Kilometer (km) - 0.6214 miles

cal - calorie Kilogram (kg) - 2.2 pounds

TOE - ton of oil equivalent Metric ton (t) - 2,205 poundsTCE - ton of coal equivalentBTU - British thermal unit

PRINCIPAL ABBREVIATIONS AND ACRONYMS

SEAS - Cukurova Elektrik A.S. (Cxkurova Electric Company)C&B - Goyne et Bellier (engineering consultants)DSI - Devlet Su Isleri (State Hydraulic Works)ICB - International Competitive BiddingLRMC - Long-Run Marginal CostMENR Ministry of Energy and Natural ResourcesPCR - Project Completion ReportPEE - Public Economic EstablishmentPPAR - Project Performance Audit ReportSEE - State Economic EnterpriseSPO - State Planning OrganizationSPK - Sermaye Piyasi Kurulu (Capital Markets Board)TEK - Turkey Electrik Kurumu (Turkish Electricity Authority)VAT - Value Added Tax

Turkey - Fiscal YearJanuary 1 to December 31

FOR OMCIL USE ONLY

Loan and Prolect Suamarwr

Borrower: The lepublic of Turkey

Beneficiary: gukurova Elektrik A.S. (gLAS)

Amount: US$270 million

Terms: Seventeen years, including a five-year grace period, at theBank's standard variable interest rate.

Onlending Terms: The Government would charge gwAS a fee equivalent to 35basis points p.a. on the outstanding balance of the Loan.gEAS would bear the foreign exchange risk, as well as theinterest risk on the Bank Loan.

Financing Plan:--US$ million

Local Foreign Total X

Bank Loan - 270.0 270.0 43Cofinancing 10C.2 100.2 16QEAS / 25.5 _ - 25 -Al

253.5 370.2 623.7 100

/ ZxcludW*s peeoUmua pzoj.c*, ezpa&tur* of US$39.6tLxUou equi¶a4out du=ti 1989-01.

Economic Rate of Return: 15.2Z

Staff Appraisal Report No: 10418-TU

Map No: IBRD-23671IBRD-23672

This document has a restricted distribution and may be used by recipients only in the performanceof their oMcil dudes Its contents may not otherwise be disclosed without World Bank authorization.

MIORh~A1D AND RECOMMENDATION OF THE PRSIDENTOF THE IBRD TO THE EECUTIVE DIRRETORS

ON A PROPOSED WAN TO THE REPUBLIC OF TURKEYFOR THE BERKE HYDROPOWER P_RQJEC

1. I submit for your approval the following memorandum and recommendation ona proposed loan to the Republic of Turkey for US$270 million equivalent to helpfinance a project for the development of hydro-electric generation capacity. TheLoan would be at the Bank's standard variable interest rate with a maturity of17 years including 5 years of grace. Private sources of financing, including theIFC, have been identified to provide financing up to US$100 million equivalentto the Project.

2. Bacground. Turkey has made remarkable progress in developing itscommercial energy base over the last two decades. Net primary energy supplyincreased threefold since 1970, reaching 58.8 million TOE in 1990. Lignite isthe most important commercial source of domestic energy (with an output of 11.4million TOE, representing 19 percent of the total energy supplied) followed byabout 7.1 million TOE of hydroelectric generation (providing 12 percent of totalprimary energy supply). The importance of natural gas (of which 89 percent isimported) is slowly increasing (from 12 in 1987 to 7X in 1990) mainly as a resultof its increased competitiveness as an industrial fuel and its environmentalbenefits relative to lignite fuels for electricity generation and residentialheating. However, Turkey's dependence on imported energy has increased over thelast two decades and is expected to remain high beyond the turn of this century.The Government's long-term energy strategy calls for the accelerated developmentof domestic energy resources. Turkey's most important domestic sources of energyare hydroelectricity and lignite. Development of hydroelectric resources hasbeen steadily increasing since the 1970s, and is expected to accelerate evenfurther in the next 20 years in order to match the subsector's requiredinvestment expansion. The exploitable hydropower potential is estimated at 31GW, of which 7.5 GW has been developed and another 3.2 GW is under constructionor planned to be developed by 1994. The installed power generation capacity is18 GW, of which 431 is based on hydro, 30X on lignite, 15% on imported naturalgas and 121 on fuel oil. The Government's least-cost plan which takes intoaccount the environmental concern associated with lignite plants, emphasizeshydro potential and the proposed Berke project exploits an additional generationcapacity of 510 MW. GOT's strategy calls for mobilizing private sector resourcesthrough build-own-operate (BOT) schemes and by assigning entrusted regions toprivate utilities to supplement the scarce public sector finances. VukurovaElectric A.S. (EAS), a small, efficient joint-stock company, licensed to operateas a regional power utility in the gukurova region, has been authorized by GOTto implement the proposed project. GOT regards SEAS as a replicable model forestablishing new regions of entrustment.

3. Project Objectives. The proposed Project would assist the Government in:(a) accelerating the development of hydro potential; (b) expanding the role ofthe private sector in power infrastructure, thereby alleviating the pressure onthe public sector for mobilizing financial resources.

4. Project Descrintion. The proposed Project involves: (a) the constructionof a 201 m high thin arch double curvature concrete dam and related facilities;(b) the installation of 510 MW hydroelectric generating capacity comprising threeunits of 170 KW each; (c) the construction of 737 km of 154 kV transmission lines

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and substations with installed transformer capacity of 1,350 IVA; and(d) technical assistance for the above.

5. The Bank funds would be onlent to Vukurova Electric A.S., the beneficiaryand project inplementing entity. The Government of Turkey would charge anonlending fee equivalent to 0.35 percent per annum on the outstanding amount ofthe Bank loan. Qukurova Electric A.S. would bear the foreign exchange risk aswell as the interest risk on the Bank Loan. Retroactire financing of US$20million would be allowed to cover eligible expenditures and advance payments tothe civil works contractor.

6. Project Implementation. VEAS, a regional and private power utility, willbe responsible for implementing the Project. QEAS successfully completed theBank financed Sir Hydro Power Project in 1991. Most of the preliminary works arealready completed in the 1989-91 period and the remaining works are expected tobe completed by June 1992. The proposed Project would be commissioned in early1997. VEAS has appointed Coyne and Bellier, France, as engineering consultantsto assist in the implementation of the Project, including technical supervisionand commissioning. It is expected that the experience gained from the SirHydropower Project - also with the assistance of Coyne and Bellier - wouldcontribute to timely implementation of the proposed Project.

7. Exerience of Ongoing Projects. Ongoing projects in the power subsectorconsist of Power System Operations Assistance Project (Ln. 2602-TU) and TEKRestructuring Project (Ln. 3345-TU) with TEK; Kayraktepe Hydropower Project(Ln. 2655-TU) with DSI; and Sir Hydropower Project (Ln. 2750-TU) with gEAS. Inaddition, the Energy Sector Adjustment Loan (Ln. 2856-TU) being implementedaddressed several policy and institutional issues across the sector as a whole,although progress in the power subsector in the area of tariff policy for TEK wasless than planned. PCRs on three Bank financed projects in the power subsector(Loans 1023-TU, 1844-TU and 2650-TU) noted major problems with regard to TEK'sperformance, including, in particular, weak financial management, absence ofstrategic corporate planning, lack of autonomy and inadequate tariff levels. TEKemerged as a major contributor to GOT's PSBR. The Bank was requested to assistGOT in restructuring TEK. GOT's commitment in this direction has been amplydemonstrated by upfront actions, the most important of which is the monthlyadjustment of electricity tariffs to maintain at no less than US cents 6/kWh.The corporate restructuring of TEK and the policy reforms for the subsector havebeen launched through the TEK Restructuring Project (Ln. 3345-TU) approved inJune 1991. GOT has also initiated actions to commence the Kayraktepe HydropowerProject. The just completed Sir Hydropower Project was implemented by QEAS,whose performance has been satisfactory in this and three other past projects.

8. Rationale for Bank Involvement. The Bank's involvement would support GOT'sstrategy of mobilizing private funds for the power sector. The delays beingexperienced in establishing BOT scheme have escalated the pressure on GOT forensuring that the proposed Project is implemented without delay. The proposedLoan would secure resources on terms and conditions suited for long-gestationinvestment. Private resources, which would not otherwise be available withoutGovernment guarantee, are to be mobilized by IFC while the Bank would provide theadditional funds needed to meet the foreigr. costs. Further, the Bank'sinvolvement would ensure that environmental and resettlement concerns areproperly addressed.

-3-

&greements Reaghed

9. During negotiations agreement with the GOT was reached to: (a) ensure thatprograms for the mitigation of the adverse, and the enhancement of thebeneficial, environmental impact of the Project, as well as for the resettlementof the affected population will be carried out in a manner satisfactory to theBank; (b) maintain the prevailir.g tariff setting system and continue to establishelectricity prices as agreed under the TEK Restructuring Loan; and (c) ensurethat electricity prices including the exchange prices between TEK and VEAS underthe new tariff policy would not adversely affect the financial condition of gEAS.

10. During negotiations agreement with VEAS was reached to: (a) carry out, ina manner satisfactory to the Bank, the programs for the mitigation of theadverse, and the enhancement of the beneficial, environmental impact of theProject as well as for the resettlement of the affected population; (b) complete,by December 31, 1992, an environmental revieca of the transmission lines componentof the Project and implement the recommended measures to mitigate environmentalimpact in a manner satisfactory to the Bank; (c) carry out a load dispatch centerstudy by December 31, 1993, under terms-of-reference satisfactory to the Bank,to determine location, type, size and other specifications for the proposed loaddispatch center; (d) finalize agreements with cofinanciers before June 30, 1993,to ensure availability of funds; (e) maintain, beginning with 1993, a minimumdebt-service-cover-ratio of 1.2 net of dividends paid; (f) periodically exchangeviews with the Bank on the progress of distribution take-over and review thedetails of such take-over,including the implications thereof, before finalizingthe agreements to ensure that change in its scope of operations does not affectthe implementation of the proposed Project; and (g) submit to the Bank, beginningwith 1992, its audit reports prepared by private auditors under terms-of-reference satisfactory to the Bank, within six months after the end of the fiscalyear. The execution of a subsidiary loan agreement between GOT and gEAS, onterms satisfactory to the Bank, is a condition of effectiveness of the proposedLoan.

11. Dam Safety AsRects. In accordance with the Bank guidelines for safety ofdams, the project provides for the needed specific safety measures to ensuresafety of the dam, including: (a) engagement by QEAS of a well knownInternational engineering firm with extensive experience in arch dams for projectengineering and construction supervision; (b) establishment of an independentpanel of International Experts for a comprehensive review of the designs andadvise on the safety aspects; and (c) installation of extensive instrumentationfor dam safety monitoring. Also, DSI would carry out the dam safety inspectionsas required by law. DSI as an independent inspection agency would be acceptableto the Bank.

12. Environmental AsDects. The EA identified the impacts to the physical,geological and socio-economic environment. The consultation process involved aseries of a consultations with national government ministries and agencies aswell as scoping sessions with local government, non-governmental organizationsand affected population. Additional studies were carried out to address theconcerns expressed through the consultations. The overall process has providedthe mit1gation progtam of measures which will be implemented in order to avoid,or reduce to acceptable levels, the potential adverse environmental impacts ofthe project. The monitoring plan, which defines the activities to be undertakenwould be amployed to monitor environmental impact. The main conclusion of the

- 4 -

EA report is that overall long-term environmental impact of the project ispositive.

13. Benefits and Risks. The measurable benefits attributable to the proposedProject include incremental generation of electricity along the least-cost pathwith no claims on GOT's budget for the domestic financing of the project. Anadditional important benefit is the demonstration effect expected to derive fromthe success of the expansion of VEAS's scope of activities as an integrated,privately owned, regional power utility, effectively cooperating with Tr and DSIin Turkey's power subsector. The main risks envisaged are the possibility ofcnnstruction delays derived from construction site conditions as well as the sizeof the project. This risk is substantially reduced since CEAS has appointedconsultants of proven competence, to assist in design and engineering as well asimplementation.

14. Recomndation. I am satisfied that the proposed loan would comply withthe Articles of Agreement of the Bank and recommend that the Executive Directorsapprove it.

Lewis T. PrestonPresident

Attachments

Washington, D.C.May 5, 1992

-5-

SchLedul!e A

BERKE HYDROPOWER PROJECT

CEAS Investments and Finanolng Plaon-1992-96)

USS MillionReouirement Local Foreig Total

Proposed Project W 253.5 299.0 552.5Interest during Consatruction

- Bank Loan - 48.0 48.0- Other - 23 23

Total 253.5 370.2 623.7

QEAS 253.5 - 253.5Bank Loan - 270.0 270.0Cofinancing - l0.2 10Q.2

Total 253.5 370.2 623.7

IV gxluding 1989-91 expenditure of US$39.6 milUon eqivalect financedbyq ES.

/ IFC/om.rcial banlk/auppUer credits.

-6-

Sgh2dule BPage 1 of 2

BERKE HYDROPOWER PROJECT

Procurement Method and Disbursements(US$ Million)

TotalICB LCB Other N. A. Cost

A. Barkg Hdro Power Plant1. Land Acquisition 1.5 1.5

2. Preliminary Works 37.6 37.6

3. Civil Works 313.4 313.4(164.0) (164.0)

4. Bydromechanical Equipsent 44.3 44.3(21.6) (21.8)

S. Electromechanical Equipment 49.8 49.8

S. Electrical Eqyipments 20.5 20.5

7. Engineering and Consulting 13.0 13.0

8. General Expenditures 31.1 31.1

B. Related T & D System1. Transmission Lines 11.6 25.9 37.5

(11.6) (11.6)

2. Substations 9.2 15.7 24.9(9.2) (9.2)

3. Load Dispatch Center 17.3 17.3(14.4) (14.4)

C. Technical Assistance1. Dispatch Center Study 0.5 0.5

(0.5) (0.5)

2. Special Equipment 0.3 0.3(0.3) (0.3)

3. Staff Training 0.4 0.4(0.4) (0.4)

D. Interest during Construction 71.2 71.2(48.0) (48.0)

TOTAL 466.1 79.2 14.2 103.8 663.3

The Bank (220.8) (1.23 (48.01 (270.0

-7-

Page 2 of 2

(118 Million)

1. Civil Works 164.0 60X

2. Supply and 53.0Installation ofequipment andimterials:

(a) *qgipmnt 1001 of foreignood materials expenditures and 1OOZ

of local expenditurestc-factory cost) and 902of local expenditures forother items procured locally

(b) instsllation and 201related services

3. Conaultants, 0.5 1002services

4. Training 0.4 1002 of foreignexpenditures

5. Interest andother chargeson the loanbefore July 31, 1997 48.0

6. Unallocated 4.1

TOTAL 270.0

Estiated Disbursement Scbedule

(-I8 Million)I "19S 1994 199S 199 7 lSS

Antual 46.9 68.6 82.4 56.5 17.8

t>Xaultlve 46.9 113.3 195.7 252.2 270.0

8-

Schedule C

IUB1KEX

BERKE HYDROPOWER PRJECT

Timetable of Mey Project Processing. Events

A. Time taken to prepare : 12 months

B. Prepared by : gEAS and C&B with IBRD's Assistance

C. First IBRD Mission : March 1991

D. Appraisal Mission Departure : January 6, 1992

E. Negotiations : April 6, 1992

F. Planned Date of Effectiveness : September 1, 1992

G. List of Relevant PCRs : Third Transmission Project (Ln. 2322-TU)Elbistan Project (Loans 1023-TU and2650-TU)

Karakaya Hydro Project (Ln. 1844-TU)

Schedule DPage 1 of 2

THE STATUS OF BANK GROUP OPERATION8 IN TURKEYA, STATEM4NT OF 8ANK LOANS AND IDA CREDiTS

(Asal' Deenme 81. 101)

Loan No. Year Ieowe Pupoe Bank IDA UndlsbursedSeven81t- eas six E-loons and 14 redb ham been fully disbursed, 520625 1.1of which SEAL, U and Prorm Loen o

Ln. 1818-TU 18 Republic of Turkey SAL 200.00 0.00Ln. 1015-TU 1081 Republic of Turkey SAL 75.0 0.00Ln. 1la7-TV 1981 Republi ofTudwy SAL 0 300.00 0.00

* Ln. 21t -TU 182 RepublI of Tufkey SAL m 804.80 0.00Ln. 2321-TU 1063 Republic of Turkey SALIV 800.0 0.00Ln. 2441-TU 1084 Pepublic o Turkey SAL V 376.00 0.00Ln. 238-TU 1088 Republic of Turksey A8AL 250.18 0.00Ln. 80t-TU 1087 Republcd of Tufty B-Loan for FSAL I 32.26 0.00Ln. B010TU 187 RepublicofTuwkey S-Loan tor FSAL I 20.00 0.00Ln. B0220-T 1088 Republic of T'rkey BLoan for ESAL tSO 0.00Ln. 0240-TU 18O Republic of Turkey -Lan for F SAL II 20.68 0.00

SubtotO 1918.01 0.00

Ln. 2405-TV 1884 Republic fTuky Ariu)ura Etnsaion and eseabh 7220 20.0Ln. 248-TV 1S4 Republic of Turkey lASExteson 115.80 16.62LA. 248-TU 18O8 Repubei of Turky SacondHighway 180.40 2.71Ln. 2695-TU 1985 RepublicofTurkey Thid Pots 128.50 70.69Ln. 2631-TV 1965 Republi of Turey Industial S0hodas 7.70 28.06Ln. 2586-TU 1086 TEK Foth TEKT minain 142.00 18.88Ln. 2802-TU 18 TEK Powe SyensOporaUan Aet. 140.00 81.37Ln. 2647-TU 188 RepubibcTurkey Snall-& Mediuml Scale Industy 100.00 1.06Ln. 265-TU 1O8 Republic of Tudey Kayakp Hydrowr 200.00 170.74Ln. 26-TU 1988 Republic ofTurkey Drainae & On-Fam Development 2.00 178.05Ln. 2789-TV 1087 Rpublic of Turkey RaDiws n 917.00 5727Ln. 2760-TU 1887 Republic of Turkey Sir Hydopower 132.00 4.8La. 2776-TU 1087 Republic of Turkey Non-Famnl Vocation Trainin so.50 50.41La. 281G-TU 1087 eV lmwirWater &Sewerage 1184.00 193.9Ln. 210-TU 1887 Republic of Turkey Oukurwoa Urban Development 120.00 18.77

*Ln. 28-TV 1887 Repubib of Turkey F e ly Sedor Ad_Munnt 325.00 42.41Ln. 2-TU V 188 MO blanbu Water Supply 218.00 128.96Ln. 2801-TU 1O8w TMKD. YKa end industrIa Export Developmet 300.00 18.07

epublic of Tu*eyLn. 2622-TV 1M RepubicfTurkey Industrial Traifn II 116.80 64.87

*La. 26-TV 1688 RepubId of Turkey Financial Sector Adu lmnt I 400.00 100.00Ln. 067-TU 1988 PRpublic of Tukey Health 75.00 74.2Ln. 9067-TU 188 Republic of Tukey Smgal- & Medkum-Scale industry 204.5 85Ln. S077-TU 18 Republicof Turkey Agro-Indusby 160.00 124.0SLn S060-TU 16 RepubliaoffTudrky Third AFrIultura ExtnIon 250.00 7131Ln. S151-TU 190 AG Ankara Sewer 1700 171.0Ln. 3177-TV 1WO RpubofTurkey Seond AgricpburlEtnsn 68.00 46.85Ln. 99-TV 1600 Republic of Tufky anon Eduton g0o 87.21Ln. 328-TU 188 Republic of Turey TehnologyDeveopmentl 100.00 100.00Ln. 3824-TU 18M RepublcofTudtry Stats& Problne Roads 800.00 800.00Ln. 3S4-TU 1201 TEK KRedrutuing 00.00 800.00Ln. 84TU V 10 RepublIc of Tufey Private nresneCrdit 200.00 200.00

TOWal 1060.8 186.15 2780.46Of uhloh has bon - 29162.88 4318

Toa now outsadin 7572 12Amounts sold 8.66diwih 1ha bern repaId .5

Total now held byankand 18D 70 ?Total UndI_ursed 7M.46

el Approuidudng aeraer FY8o.* SEAL

- 10 -

Schedule DPage 2 of Z

THE STATUS OF BAN4K GROUP OPERATIONS IN TURKEY0. STATEMENT OF IFC INVESTMENTS

(As of Decemtbef 31, 1901)

Amount (SnilliOns)(lose cancellations)

Date sotow Purpote Loan Equity (oKW

1s701Ot87n1s90 ACS Glass Glass manufacturing 20.79 3.64 24.431973 Akdeniz Tourism 0.33 0.27 0.601974 Aksa Textiles 10.00 0.00 10.001976/79 Asit Celik Machinery 8 equipsent 12.00 5.82 17.821975 Asian Cement manfacturing 10.60 0.00 10.601974/77 sorusan Iron & Steet 3.60 0.50 4.101986 Cgm Elyaf Gtass manufacturing 7.94 0.00 7.941990 Conrad Restaurants & hotels 45.00 4.00 49.001989 Disbank Com erciaL banks 60.00 0.00 60.001973/78/81/83 Doktas Iron & Steel 7.50 2.85 10.351989 ousa Textiles 25.00 0.00 25.001979 Ego osan Motorcycles & bicycles 2.15 0.00 2.151988 Elginkan Manufacturing/steum, Not uater Supply 42.37 0.00 42.371986/89 Eska Turism Tourism 9.08 0.00 9.081987 Guney Textiles 16.48 0.00 16.481988 IGFK Leasing 0.00 0.71 0.711988/91 Interbank Multipurpose banks 120.00 0.00 120.001979/80/82!34/85 Isas metals & motor vehicles 8.85 4.59 13.441989 Isko Textiles 33.24 0.00 33.241990 K.melya Restaurants & hotels 12.09 0.00 12.091975 Kartaltepe Textites 1.30 0.00 1.301991 Kepe Electric Utilities 25.00 0.00 25.001989/90 Kiris qotel Restaurants & hotels 13.03 0.00 13.031981/89 Kirklareli Glass manufacturing 33.42 0.00 33.421991 Koy Tur Slaughtering 8.60 4.00 12.601991 Kula Textiles 19.40 0.00 19.401982 Man Motors Motor Vehicles 7.89 0.00 7.891985 Manhs Motor Vehicles 6.47 0.00 6.471980 Hmnse Textiles 4.00 0.00 4.001990 mersin Restaurants & hotels 12.50 0.00 12.501992 Mis Sut Sanayi Dairy Products 10.00 5.00 15.001971/76/83/84/89/90 Nesas M'tal manufacturing 8.57 1.85 10.421992 VASCO 7extiles 20.00 2.50 22.501984 Pinar Slaughtering 3.90 0.00 3.901989 Ram Di$ Other 4.75 0.00 4.751989 Sanko Textiles 6.37 0.00 6.371989 Sariville Restaurants & hotels 2.66 2.15 4.811975 Sasa Resin & Plastic maufaecturing 15.00 0.00 15.001989 SoS Textiles 7.72 0.00 7.721972/66/69/71 Stis Textiles 3.15 1.94 5.091986/90 Silkar Tourism 24.17 4.92 29.091990 Simplot Food products 9.40 0.00 9.401990 TKF Merchant bank 0.00 8.85 8.851979/81/83/84/80 Trakya Cm Glass manufacturing 88.63 15.73 104.361964/66/67/l/tS75/76M/8O/803 TSKB DFC 60.00 5.93 65.931970/71/82/83 Viking Paper manufacturing 2.50 0.87 3.37

Total Gross Comnitments 845.45 76.12 921.57Less Cancellations, Termination Exchanges

Adjustments. Prepayments and Sales 438.79 40.77 479.56

Total Conmitmants now held by IFC 406.66 35.35 442.01Total Undisbursed IFC 49.33 5.77 55.09

FS,0:SIFC.W1January 30. 1992

IBRD 23671BULGARIA - \ 4'

-& - t ': ' 1- GEORGIA

k~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~- /. j ,, SAI

. w3, ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~- Q . AN

X m , -- s e ,- 2 (5 BERKE HYDROPOWER PROJECT~~~~~Ono,o&.,--

BERKE HYDROPOWER PROJECT .<AZER

.~~~~~~~~~~~~~~~~~F~sd e IAD 23672 S MAIN GENERATION AND TRANSMISSION SYSTEM

,, . i 0 S 0: 0 ; SYRIAN ARA8 ~~~~~~~~ ~ ~ ~~~~~~~~~~~REPUBLIC POWER 9jAN11 IRANSFORDER STATIONS

SYRIAN ARAB ~ ~ ~ ~ ~ ~ ~ ~ ~ RMNI

0 ; j S EDITERS,Ar~~~~~~~~~~JEAN s ls A r _ _ ~~~~~~~~~~ '' Z U*rconsirudionond*6mdnde contrdirn ndnderc *Undrshnnnondin adhftnr

- TRANSMISSION LINES~~~~~~~~~~~~~~~~~~~~~~~ILAI

g ^ > _~~~~~~~~~~~~~~ ~~ ~~~~~~~~~~~~~~ - In operation _ . _ nlnrnoflonol boundories

~A E G,P.n6N

9 ,D If D 219 a 9D LEBANON) ~- ProjeCAManenanranneened WS 9; -SO I D 2CD

AS OF JANUARY 1992~~~~~~~PRI 1t'

IRD 23;

TURKEY

OTHER POWER BERKE HYDROPOWER PROJECTCOMPANIES C.E.A.S. CUKUROVA RUGION BOUNDAY' TRANSMISSION SYSTEM

UOwR ZIk ORA- PROViNCEBOUNDANES SUKUROVA REGIONIN OPEAIIN CONSRION NION CONSiR=1ON FROJCT IERNA11ONALBOUNDA?ES

POWBER PLANTS

* llhERMAL dkoLAd. WP*y<f Iom \

o 0 U * HYDRO , /

TRANS SSION UNES:

-EN31E*- ikV ,(380 KAYkVRA AY4vE Rse NowE " kV K A H R A MIA' N MA RA

SWANS , KK. .dI M55W /A N1EW \ -

A * *A EMSTING/E01NSION O,Jndil$MW

OKondi1 110$MW

iVca T. EwlSJ@Ohs-d1Olei.n6.br120 MW

A DANA

KONYA 2- -- -- i \ -

4- ICEL t 1A URFAX

_ o \ X,9 /g>\ K- m 13 / .A .

* 0 X( 4 ( sYRiAN ARAE ~~~~~~~~~~~~~~~~~~~REPUBLIC|Y. G -- HATAY SYRIAN TA R

I~~~~~~~~~~~~~~~~~~~~~~~~ 0Yemo-l-" I.=Ow TURKEY X

60 MW 110 1 (iOAOIC

! o l * * * tbi Med i te rr an e an S ea , _r-J.erolml5e .

ADRI. 19 v2