Babacan: Negotiations With World Bank Have Been Completed

ANKARA - Turkish State Minister Ali Babacan has said, ''negotiations on financial and public sector adjustment loan for the third financial and public reform program under the country assistance strategy (CAS) worth of 4.5 billion U.S. dollars with the World Bank between 2004 and 2006 have been completed.''
Holding a news conference together with World Bank Turkey Director Andrew Vorkink and Treasury Undersecretary Ibrahim Canakci, Babacan said on Friday that the first tranche of loan of 500 million U.S. dollars would be released in June.
Noting that the World Bank Executive Board would convene to approve the loan, Babacan said that there was not any problem for the time being.
Babacan added that the 17-year loan's first four years would be non-recourse, and its interest was libor (London Interbank Offered Rate) over 0.5.
(UK-AÖ) 21.05.2004