Istanbul, Turkey, June 25, 2015 - IFC,
a member of the World Bank Group, is arranging €154 million in financing
to help build the world’s largest healthcare facility – a €1.1 billion
integrated campus in the Turkish capital, Ankara.
The new campus is part of a Ministry of Health program to improve the country’s
public hospital infrastructure through a public-private partnership model.
A consortium comprised of Astaldi Spa and Turkerler Construction won the
competitive bidding process to build Etlik Integrated Health Campus in
the Etlik district of Ankara.
The campus’ eight hospitals will include a general hospital (694 beds),
a women’s hospital (500 beds), a children’s hospital (468 beds), a cardiovascular
surgery hospital (362 beds), an oncology hospital (484 beds), an orthopedic
hospital (478 beds), a psychiatric hospital (280 beds) and a rehabilitation
hospital (300 beds). The planned construction period is 42 months, to be
followed by a 24-year concession.
IFC is lending €75 million to Ankara Etlik Hastane Saglik Hizmetleri Isletme
Yatirim A.S, a company established by the consortium to build and maintain
the health campus, and arranging another €79 million in financing from
international commercial banks, including CA-CIB, Unicredit and Banca IMI,
under its B Loan Program.
Other lenders include European Bank for Restructuring and Development,
DEG (German Investment and Development Corporation), Black Sea Trade and
Development Bank, Deutsche Bank, Turkiye Is Bankasi A.S., Akbank, and TSKB.
The Italian export credit agency, SACE, provided loan guarantees for a
$125 million tranche. The transaction marks the first Turkish project financing
provided by a mix of development finance institutions and foreign and Turkish
commercial banks with all tranches at an 18-year tenor.
“This landmark project is an important milestone in the transformation
of Turkey's healthcare sector, being the largest health campus in the world,”
said Serhat Inanc CEO of Ankara Etlik Hastane Saglik Hizmetleri Isletme
Yatirim A.S and Board Member of Turkerler. “The funding structure indicates
increasing confidence among various types of lenders in the PPP model of
the Ministry of Health and the consortium partners.”
“Expanding access to high quality healthcare
services for all population groups is a central element of our strategy
in Turkey,” said Aisha Williams, IFC Country Manager for Turkey. “This
is an excellent example of how the private and public sector can work together
to make a difference. We hope this will set a positive example for PPPs
in other sectors in Turkey.”
IFC’s support for this project is aligned
with the World Bank Group’s Country Partnership Strategy for Turkey. Under
the strategic objective of improved equity and public services, the World
Bank Group plans to support the government’s Health Transformation Program
as outlined in the Ministry of Health’s Strategic Plan. This includes
a PPP program aimed at providing affordable healthcare services beyond
major urban areas.
IFC has been supporting private sector development
in Turkey for the past 50 years. With a $4.3 billion outstanding portfolio,
Turkey is the second largest country in IFC’s global portfolio. In line
with the Turkey Country Partnership Strategy, IFC invested a record $2.8
billion in private sector projects in Turkey in fiscal years 2012-2015.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.