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Hopital ELAZIG
In Elazig (Turkey), Proparco is participating in the construction of a public hospital. The hospital will eventually provide 2 million consultations a year and will significantly increase access to hospital services in the region.
Client presentation
This new operation has just been signed and will ultimately benefit the Turkish company ELZ PPP Sağlık Yatırım A.Ş, which is leading the project for the design and construction of the public hospital in Elazig, in Anatolia, as well as its servicing-maintenance for 25 years. The public hospital project in Elazig is in the first group of institutions built via the public-private partnership (PPP) program implemented by the Turkish Ministry of Health.
Project description
The bond issue-project is a first for Proparco. It is innovative for Turkey in two respects: the first Green & Social Project Bond Issue for an infrastructure project and an issue with a 20-year maturity. The deal benefits from a credit enhancement provided by EBRD and MIGA and the bond tranche, which Proparco subscribed to, was rated Investment Grade by Moody’s. In this transaction, Proparco has acted as a prescriber vis-à-vis institutional investors.
Project impact
This project allows us to support Turkey's policy to improve public healthcare provision and access to healthcare for the general population (SDG n° 3). The hospital will improve the quality, accessibility and diversity of the hospital services provided in Elazig Province: cancer treatment, radiation therapy, emergency care and intensive care. Over the next five years, it should have a capacity to provide 260,000 beds a year and over 2 million consultations.
06/12/2016
Date of signature of the project
Sectors
Turkey
Location
Financing tool
40 000 000 Euros
Amount of funding
Subscription to convertible bonds of projects (Green & Social Project Bonds) of 40 MEUR
Financing details
ELZ FINANCE SA
Client
CES