STATUTORY COMMITTEE REPORT
TO:    The President, International Bank for Reconstruction and Development
Report of the Committee under Section 4 (iii) of Article III of the Articles of Agreement
on the proposed Loan (Sustaining Shared Growth Development Policy Loan) to the
Republic of Turkey
The undersigned Committee constituted under Section 7 of Article V of the Articles of
Agreement of the International Bank for Reconstruction and Development (the Bank) hereby
submits its report pursuant to Section 4 (iii) of Article III of said Articles in respect of the
proposal that the Bank grant to the Republic of Turkey (the Borrower) a loan in an amount of
three hundred sixty-seven million and four hundred thousand Euros (E367,400,000). The purpose
of said loan is to support the Borrower's program designed to: (a) improve business climate and
enhance transparency; (b) boost labor force participation and widen access to finance; and
(c) deepen the Borrower's infrastructure reforms.
1.     The Committee has carefully studied the merits of the proposal to grant such a loan, and
of the purposes to which the proceeds of the loan are to be applied.
2.     The Committee is of the opinion that the program in support of which the proceeds of
such loan are to be applied comes within the purposes of the Bank as set forth in Article I of said
Articles of Agreement, and that said program is designed to promote the development of the
productive facilities and resources of the Republic of Turkey and is in the interest of the Republic
of Turkey and of the members of the Bank as a whole.


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REPUBLIC OF TURKEY                                 (Sustaining Shared Growth
Development Policy Loan)
3.     Accordingly, the Committee finds that said program merits financial assistance from the
Bank, and hereby recommends said program for such assistance.
COMMITTEE
Senior Vice President and
Group General Counsel
Expert Selected by Governor for
Republic of Turkey
Regional Vice President
Europe and Central Asia
Vice President
World Bank Group Chief Risk Officer
Senior Vice President, Development
Economics and Chief Economist
Dated at Washington, D.C.   P rn