EBRD considers $350M extension for Turkish health PPP program
The European Bank for Reconstruction and Development (EBRD) is considering providing €350 million (US$392.7 million) for the large scale hospital facilities management PPP programme covering up to 60 facilities across Turkey and worth €12 billion.
In September 2014, the EBRD approved a €600 million framework to help Turkey's Ministry of Health prepare and deliver the programme.
To date, the bank has signed three sub-projects under the framework (Adana Hospital PPP, Ankara Etlik Hospital PPP and Konya Hospital PPP), providing financing of €313.1 million and mobilizing additional €311 million in B loans. Once the other projects - mandated and under preparation - are signed during 2016, the framework is expected to be nearly fully utilized.
The bank is now considering to extend the framework by an additional €350 million which will encourage the participation of untapped investor classes in the programme, thereby enabling the diversification of funding sources and providing depth to a maturing PPP programme. Under the extension, EBRD investments may take form of standard loans, anchor investments in project bonds, unfunded credit facilities and equity.
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