Commercial close for Ankara Etlik hospital PPP project
The consortium formed by Astaldi S.p.A. and Turkerler Construction has achieved commercial close for the Turkish Ankara Etlik Health Campus PPP project.
Etlik Health Campus will comprise 11 different buildings with a total capacity of 3,566 beds. It will include, among others: 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.
The total project investment is estimated at €1.2 billion (US$1.34 billion). IFC is lending €75 million (US$84 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 US$125 million tranche.
Serhat Inanc CEO of Ankara Etlik Hastane Saglik Hizmetleri Isletme Yatirim A.S and Board Member of Turkerler stated:
"This landmark project is an important milestone in the transformation of Turkey's healthcare sector, being the largest health campus in the world. The funding structure indicates increasing confidence among various types of lenders in the PPP model of the Ministry of Health and the consortium partners."
Aisha Williams, IFC Country Manager for Turkey, commented:
"Expanding access to high quality healthcare services for all population groups is a central element of our strategy in 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."
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