IFC makes first investment in Turkey's health sector
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed an $11 million loan agreement with the MESA Group to finance the construction and commissioning of a private hospital in Ankara. The total cost of the project is estimated at $45 million, stated a press release.
This is IFC's first investment in the health sector in Turkey, a country viewed as having strong potential for future growth in this sector. "We have identified Turkey as a high priority country in the health sector,” said director of IFC's health and education department, Guy Ellena. “Our strategy is to support projects which foster efficiency and innovation and which are in line with the government's objectives of promoting private sector involvement in social service delivery."
MESA is an Ankara-based industrial group with interests in the construction, tourism, and retail sectors. Establishing the proposed hospital is the first step towards MESA becoming a significant long-term player in Turkey's health care sector. IFC has invested with MESA once before, in a successful hotel venture in the late 1980's.
The hospital will expand access to quality health care in Ankara and demonstrate best practice administration and patient care. It will also be a forum for medical seminars and conferences, aimed at professionals as well as the general public.
In addition to providing long-term financing, which is currently unavailable to private hospitals in Turkey, IFC will help MESA sharpen its overall hospital strategy and design and implement appropriate management for the facility.
The approximately 115-bed hospital will offer a full range of medical and surgical care, 24-hour emergency services, and outpatient general and specialist consultations. The core clinical units will be supported by a comprehensive clinical laboratory, a full-service radiology department, and other auxiliary services. It will be housed in a five-story building of about 24,000 square meters located in the Sogutozu neighborhood of central Ankara, a rapidly growing commercial and middle-class area.
The frame of the hospital has already been built, funded with a $19 million equity contribution from MESA. The physical completion and commissioning of the facility is expected in late 2004. — (menareport.com)
© 2003 Mena Report (www.menareport.com)