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CONFORMED COPY 
 
LOAN NUMBER 4866 TU 
 
Guarantee Agreement 
 
(Istanbul Municipal Infrastructure Project) 
 
between 
 
REPUBLIC OF TURKEY 
 
and 
 
INTERNATIONAL BANK FOR RECONSTRUCTION 
AND DEVELOPMENT 
 
Dated January 13, 2009  
 
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LOAN NUMBER 4866 TU 
 
GUARANTEE AGREEMENT 
 
AGREEMENT, dated January 13, 2009, entered into between REPUBLIC OF 
TURKEY (
“Guarantor”) and INTERNATIONAL BANK FOR RECONSTRUCTION 
AND DEVELOPMENT (“Bank”) (“Guarantee Agreement”) in connection with the Loan 
Agreement between the Bank and Istanbul Metropolitan Municipality (“Borrower”) 
(“Loan Agreement”) dated July 25, 2008.  The Guarantor and the Bank hereby agree as 
follows: 
 
ARTICLE I 
–
GENERAL CONDITIONS; DEFINITIONS 
 
Section 1.01. The General Conditions (as defined in the Appendix to the Loan 
Agreement) constitute an integral part of this Agreement. 
 
Section 1.02. Unless the context requires otherwise, the capitalized terms used in 
this Agreement have the meanings ascribed to them in the General Conditions or in the 
Loan Agreement. 
 
ARTICLE II – GUARANTEE; PROVISION OF FUNDS 
Section 2.01. Without limitation or restriction upon any of its other obligations 
under the Guarantee Agreement, the Guarantor hereby unconditionally guarantees, as 
primary obligor and not as surety merely, the due and punctual payment of all Loan 
Payments payable by the Borrower pursuant to the Loan Agreement. 
ARTICLE III – OTHER COVENANT 
Section 3.01 The Guarantor shall take out all reasonable measures necessary to 
cause the Borrower to ensure the satisfactory implementation of the Project. 
ARTICLE IV - REPRESENTATIVE; ADDRESSES 
 
Section 4
.01. The Guarantor’s Representative is Undersecretary of Treasury. 
 
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Section 4
.02. The Guarantor’s Address is: 
 
Basbakanlik 
Hazine Mustesarligi 
Inonu Bulvari 
Emek, Ankara 
Republic of Turkey 
 
Facsimile: 
 
(312)212 8550 
 
Section 4.03.  The Bank’s Address is: 
 
International Bank for 
 
Reconstruction and Development 
 
1818 H Street, N.W. 
 
Washington, D.C. 20433 
 
United States of America 
 
Cable: 
  Telex: 
  Facsimile: 
 
INTBAFRAD 
 
248423 (MCI) or 
(202) 477-6391 
 
Washington, D.C. 
  64145 (MCI) 
 
AGREED at Ankara, Republic of Turkey, as of the day and year first above 
written. 
 
REPUBLIC OF TURKEY 
 
By: /s/ Memduh Aslan Akcay 
 
Authorized Representative 
 
INTERNATIONAL BANK FOR 
 
RECONSTRUCTION AND DEVELOPMENT 
 
By: /s/ Ulrich Zachau 
 
Authorized Representative 
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