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Istanbul, Turkey/ Washington, D.C., March 8, 2006
- The International Finance Corporation, the private sector arm of the World Bank Group, signed an agreement with Turkey’s Acibadem Healthcare Group to provide a $40 million equivalent corporate loan.
The project includes construction of three new full-service general hospitals in Izmir and Istanbul (at Maslak and Fulya). The deal has been structured in such a way that Acibadem can draw on funds in either U.S. dollars or new Turkish Lira in order to mitigate against foreign exchange risk.
Mr. Lars Thunell, IFC’s executive vice president, on his first official visit to Turkey as IFC chief, said, “This is IFC’s second loan to Acibadem and demonstrates both continued confidence in the company as well as overall support of the private sector’s role in health care development. It also validates the critical importance of improving access to high quality health care in Turkey.”
Mr. Mehmet Ali Aydinlar, president of Acibadem Group, noted, “The recently opened Bursa hospital, financed with IFC’s first loan to Acibadem, was the first step in our strategic plan to expand beyond Istanbul to regions where there has long been a need for high-quality private health care.” He added, “The planned hospital in Izmir will further this geographic expansion.”
About Acibadem:
Established in 1991, Acibadem (
http://www.asg.com.tr
/
) is the market leader in the private provision of healthcare. The group currently serves at five hospitals, five outpatient clinics, one central laboratory, and one ophthalmology clinic. It has over 4,000 employees of which 1,000 are physicians. Acibadem is accredited with Joint Commission International of the U.S. and Health Quality System of the U.K., and has been awarded ISO certificates in various disciplines. To further improve patient-focused healthcare services, Acibadem has been partnering since 2003 with Harvard Medical International, an establishment of Harvard Medical School.
About IFC:
The International Finance Corporation, the private sector arm of the World Bank Group, promotes sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. Its 178 member countries provide its share capital and collectively determine its policies. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications.
IFC has been active in Turkey for more than forty years with cumulative investments in the country amounting to over $2.7 billion. IFC has a well diversified portfolio across a range of industrial and financial sectors. Over the past five years, IFC has made more health and education investments in Turkey than any other country with overall commitments of $109 million in seven projects.
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