The European Bank for Reconstruction and Development (EBRD) announced Friday that together with international development banks and commercial lenders, it was providing a €494.5 million (nearly $592.5 million) loan to support medical innovation in Turkey.
The loan will serve to finance the design, construction, equipment and maintenance of a new healthcare campus in capital Ankara, the bank said in a statement.
"The campus will span several administrative buildings and state-of-the-art research laboratories affiliated with the Turkish Ministry of Health," it added.
The new facilities will be built and maintained by Turkish private hospital developer CCN Yatirim Holding, while the Ministry will conduct research activities under a public-private partnership model.
"The EBRD is providing €75 million on its own account; while €35 million is being syndicated to UniCredit and €14.5 million to Siemens Bank," the bank said.
According to the statement, other lenders include the Black Sea Trade and Development Bank with a syndicated loan of €65 million, the Islamic Development Bank with syndicated financing of €175 million, the Development Bank of Austria with a €30 million loan, the ECO Trade and Development Bank with €15 million, and the Islamic Cooperation for the Development of the Private Sector with €25 million. QNB Finansbank is contributing €75 million.
Arvid Tuerkner, EBRD Managing Director for Turkey, said that they were pleased to receive financing from the Development Bank of Austria and the ECO Trade and Development Bank for which this is the first such project in Turkey and commercial lenders alike.
"We are confident this comprehensive financing package will boost medical innovation in Turkey for the benefit of all," Tuerkner said.
Since 2015, the EBRD has financed nine large-scale hospitals with 14,000 beds, developed under the private-public model across Turkey, the bank said.
