The European Bank for Reconstruction and Development (EBRD) is providing a EUR 40 million (US$ 47.19 million) long-term loan, of which EUR 30 million (US$ 35.39 million) is committed on signing, to the private developer of the Başakşehir Çam ve Sakura City Hospital on the outskirts of Istanbul. The hospital was built under a public-private partnership (PPP) in the Istanbul district of Basaksehir. In response to the pandemic, part of the new hospital complex opened in April to treat the rising number of Covid-19 patients. Now fully operational with 2,682 beds, it is among the largest in Turkey.

The hospital was developed and built by a joint venture between Turkey’s Ronesans Healthcare and Japan’s Sojitz Corporation. The EBRD funds will replace short-term loans from local banks that Ronesans Healthcare used to finance its equity contribution to the PPP project. Access to longer-term financing will strengthen the financial resilience of this key hospital developer and operator.