DURING THE INITIAL CLIMB, THE FLIGHT CREW HEARD A LOUD BANG FOLLOWED BY AIRFRAME VIBRATIONS. THE CREW WAS NOTIFIED BY THE CONTROL TOWER THAT SMOKE AND FLAME WERE EMITTING FROM THE LEFT ENGINE. THE FLIGHT CREW DECLARED AN EMERGENCY AND WAS CLEARED TO LAND. THE PILOT DISCHARGED A BANK OF FIRE EXTINGUISHING AGENT AND SHUT THE ENGINE DOWN. THE FLIGHT LANDED WITHOUT FURTHER INCIDENT. DURING THE FOLLOW-UP INVESTIGATION, IT WAS FOUND THAT A TURBINE BLADE FAILED IN FATIGUE. THE FLIGHT CREW HAD RECEIVED AN INDICTION THAT THE FIRE EXTINGUISHING AGENT HAD DISCHARGED, HOWEVER, IT WAS LATER FOUND THAT IT DIDN'T DUE TO THE INSTALLATION OF AN INCORRECT DISCHARGE OUTLET. THE REAR EMERGENCY SLIDE ON THE RIGHT SIDE WAS SLOW IN INFLATING AND WAS NOT USABLE FOR THE EVACUATION. THE SLIDE WAS INSTALLED ON A TEST STAND AND FOUND TO OPERATE WITHIN NORMAL OPERATING PARAMETERS.