Financiers announced for Turkish hospital PPP
The Export-Import Bank of Korea (Korea Eximbank) has announced it has financed the development of the integrated health campus through a public private project (PPP) contract in the province of Gaziantep (Turkey) awarded by Turkey's Ministry of Health.
Korea Eximbank has provided €143 million (US$159 million) in direct loans and loan guarantees for the project. An amount of €71 million (US$79.7 million) was directly lent to the project itself and €72 million (US$80.8 million) was provided in guarantees on various forms of financing deals that Korean financial institutions forged with the project developer. It is the first time that the bank finance an overseas hospital construction project.
The project is owned by Samsung C&T Corporation, Kayi Insaat Sanayi ve Ticaret A.S., Salini Impregilo S.p.A. and a Page 3 private equity investment fund (PEIF).
The project includes the design, construction equipment, and maintenance of Gaziantep PPP Integrated Health Campus, with 1,875 beds. The total project costs are estimated at €600 million (US$670 million).
Financing partners include the Korea Eximbank, Korea Trade Insurance Corp., the European Investment Bank and the European Bank for Reconstruction and Development (EBRD).
In early September, we reported that EBRD was considering to finance a loan of up to €80 million (US$89 million).
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