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 euro ($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 Yatırım Holding, while the Ministry will conduct research activities under a public-private partnership model.
"The EBRD is providing 75 million euros on its own account; while 35 million euros is being syndicated to UniCredit and 14.5 million euros 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 euros, the Islamic Development Bank with syndicated financing of 175 million euros, the Development Bank of Austria with a 30 million loan euros, the ECO Trade and Development Bank with 15 million euros, and the Islamic Cooperation for the Development of the Private Sector with 25 million euros. QNB Finansbank is contributing 75 million euros.
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.