Turkey programs / Turkey project 277-0438 · 1967 · transport infrastructure
LOAN PROVIDED TO THE GOVERNMENT OF TURKEY TO INCREASE THE PRODUCTIVE CAPACITY OF THE EREGLI STELL MILL IN EREGLI, TURKEY. THE GOVERNMENT OF TURKEY (PRIMARY BORROWER) WILL RELEND LOAN FUNDS TO EREGLI IRON AND STEEL WORKS INC (SUB-BORROWER). LOAN FUNDS WILL FINANCE THE US DOLLAR COSTS OF 1)MACHINERY, EQUIPMENT, AND RELATED ENGINEERING SERVICES TO INCREASE THE CAPACITY OF THE EREGLI STEEL MILL BY 24% (FROM 350000 TO 435000 METRIC TONS OF FLAT PRODUCTS PER YEAR) AND 2)APPROXIMATELY 160 MAN-YEARS OF EXPATRIATE SUPERVISORY PERSONNEL. THE GOVERNMENT OF TURKEY WILL FINANCE LOCAL CURRENCY COSTS. AN ADDITIONAL OXYGEN PLANT FOR THE STEEL MILL WILL BE FINANCED PRIMARILY BY EUROPEAN CREDIT. THE ADDITIONAL INVESTMENT IS EXPECTED TO INCREASE SALES INCOME BY ABOUT 32%. COMPARED TO THE AUDITED ESTIMATED 1966 LOSS OF $15.5 MILLION, AFTER THE EXPANSION IN 1971, EREGLI IS EXPECTED TO EARN AN AFTER-TAX PROFIT OF ABOUT $9 MILLION. LOAN WILL ALSO FINANCE THE CONTINUATION OF EXPATRIATE SUPERVISORY SERVICES PRESENTLY PROVIDED BY INTERNATIONAL CONSULTING SERVICES, INC, UNDER CONTRACT WITH EREGLI. EXPATRIATE STAFF WILL GRADUALLY DECREASE FROM 65 IN 1967 TO 3 IN 1975 AND THEN PHASE OUT COMPLETELY. AN IRON ORE
Source: DEC abstract, PD-AAC-296-B1 (1967). The source's own text.
Operated in: Turkey.
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Operated in Turkey, 1967 2 sources
Scope: country: Turkey. The award code belongs to this country's mission. High confidence.
How sure we are: 0.9.
| Name | Years | Basis | Evidence |
|---|---|---|---|
| USAID. Mission to Turkey | 1967 | Stated in a document | 2 sources |
| Name | Years | Basis | Evidence |
|---|---|---|---|
| Turkey | 1967 | Stated in a document | 2 sources |
Sector profile (computed): Transport infrastructure (roads, rail, air, water) 50%; Private sector competitiveness 40%; Financial sector (banks, credit, microfinance, markets) 10%
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Program key prj:2770438