Washington, DC. July 22, 2003.—The International
Finance Corporation (IFC), the private sector arm of the World Bank Group,
has signed a $11 million loan agreement with the MESA Group to finance
the construction and commissioning of a private hospital in Ankara.
The total cost of the project is estimated at $45 million. This is IFC’s
first investment in the health sector in Turkey, a country viewed as having
strong potential for future growth in this sector.
“We are delighted to expand our health sector portfolio to Turkey,” said
Guy Ellena, director of IFC’s health and education department. “We have
identified Turkey as a high priority country in the health sector. Our
strategy is to support projects which foster efficiency and innovation
and which are in line with the government’s objectives of promoting private
sector involvement in social service delivery.“
MESA is a well-established, Ankara-based industrial group with interests
in the construction, tourism, and retail sectors. Establishing the proposed
hospital is the first step towards MESA becoming a significant long-term
player in Turkey’s health care sector. IFC has invested with MESA once
before, in a successful hotel venture in the late 1980’s.
The hospital will expand access to quality health care in Ankara and demonstrate
best practice administration and patient care. It will also be a forum
for medical seminars and conferences, aimed at professionals as well as
the general public.
“IFC is very pleased to be working once more with MESA. They proved to
be an excellent partner for us in an earlier deal in the tourism industry
and we look forward to enjoying the same sort of mutually beneficial collaboration
in the health sector,” said Khosrow Zamani, IFC’s director of Southern
Europe and Central Asia.
In addition to providing long-term financing, which is currently unavailable
to private hospitals in Turkey, IFC will help MESA sharpen its overall
hospital strategy and design and implement appropriate management for the
The approximately 115-bed hospital will offer a full range of medical and
surgical care, 24-hour emergency services, and outpatient general and specialist
consultations. The core clinical units will be supported by a comprehensive
clinical laboratory, a full-service radiology department, and other auxiliary
services. It will be housed in a five-story building of about 24,000 square
meters located in the Sogutozu neighborhood of central Ankara, a rapidly
growing commercial and middle-class area.
The frame of the hospital has already been built, funded with a $19 million
equity contribution from MESA. The physical completion and commissioning
of the facility is expected in late 2004.
IFC's mission (www.ifc.org) is to promote sustainable private sector investment
in developing countries, helping to reduce poverty and improve people's
lives. IFC finances private sector investments in the developing world,
mobilizes capital in the international financial markets, helps clients
improve social and environmental sustainability, and provides technical
assistance and advice to governments and businesses. From its founding
in 1956, IFC has committed more than $34 billion of its own funds and arranged
$21 billion in syndications for 2,825 companies in 140 developing countries.
IFC's committed portfolio at the end of FY02 was $15.1 billion with an
additional $6.5 billion held for participants in loan syndications.