Pool of banks revealed for Adana hospital PPP project
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A total of nine financiers have provided a debt facility for the Adana Integrated Healthcare Campus public-private partnership (PPP) project in Turkey.
The project is the first internationally financed healthcare PPP to reach financial close in Turkey. The total project investment is estimated at €540 million (US$596.7 million).
The €433 million (US$478.4 million) debt facility has been provided by:
- Siemens Financial Services,
- the European Bank for Reconstruction and Development,
- International Finance Corporation,
- DEG,
- Proparco,
- BBVA,
- HSBC,
- Sumitomo Mitsui banking Corporation and
- Korea Development Bank.
The project reached commercial close on August 26, 2014, and financial close on December 19, 2014, at a ceremony attended by the Turkish Minister of Health. The project sponsor is a consortium composed by Ronesans Holding A.S., Ronesans Saglik Yatirim A.S., Meridiam Eastern Europe S.a.r.l, TTT Saglik Hizmetleri Egitim Insaat Sanayi Ticaret A.S., Sam Yapi Sanayi ve Ticaret Ltd. Sti., and Sila Dan??manl?k Saglik Bilisim ?n?aat Ticaret A.S.
The new facility has a total capacity of 1,550 beds which will help fulfill the growing demand for healthcare in the Adana area. Healthcare facilities in this new complex include: a general hospital (584 beds), an oncology hospital (182 beds), a cardiovascular hospital (185 beds), a women and children's hospital (349 beds), a physical medicine and rehabilitation hospital (150 beds), as well as a forensic psychiatric hospital (100 beds).
The consortium will design, build, finance, operate and transfer the Hospital, with a 36-month constructionperiod followed by a 25-year operating period.
The healthcare system in Turkey is being developed under the Health Transformation Program which was initiated in 2003. Within the scope of the Health Transformation Program, the Ministry of Health has planned to develop 30 Health Campuses in 22 provinces to serve 29 health regions among Turkey.
Yestaerday we reported that Meridiam had asked the World Bank's Multilateral Investment Guarantee Agency (MIGA) to provide an investment guarantee for the Yozgat Education and Research Hospital. The total project investment is estimated at TRY275 million (US$107.9 million).The project involves the design, construction, finance, maintenance, and management of the new 475 bed hospital.
We have recently reported about other PPP projects in Turkey:
