European development bank to fund new Turkish hospital

ANKARA (AA) - The European Bank for Reconstruction and Development (EBRD) announced Thursday the signing of a comprehensive long-term financing package for the development of a €769.6 million ($841 million) high-tech hospital in the western Turkish province of Izmir.

The package, which brought together six international groups, was signed Thursday in the Turkish capital, Ankara.

"Progress in health care services will contribute to the development of the health care industry in our country. With these investments, we aim to make Turkey one of the top five destinations in the world for medical tourism," President Recep Tayyip Erdogan said at the signing ceremony.

"The EBRD has arranged a €298.6 million [approximately $327 million] syndicated loan with €85 million [$93 million] for the Bank’s own account and €213.6 million [$234 million] syndicated to UniCredit S.p.A., Industrial and Commercial Bank of China Ltd Dubai Branch and Intesa Sanpaolo S.p.A," the EBRD said in a statement.

The Overseas Private Investment Corporation (OPIC) of the United States and Export Development Canada (EDC) of Canada are providing parallel financing of $250 million and $71 million, respectively, it said.

"The new health complex will be designed, built, equipped and managed [...] by a joint venture between global industrial company General Electric and Turkish corporations GAMA Holding A.S. and Turkerler Insaat," according to the statement.

Izmir Bayrakli Hospital, which will consist of six buildings and have a total of 2,060 beds, is expected to be operational in 2019, it added.