ANKARA, Turkey & LONDON--(BUSINESS WIRE)--In line with Turkey’s strategic healthcare transformation program, GE Healthcare, GAMA Holding A.Ş. and Türkerler İnşaat A.Ş., today reached a definitive agreement for the development of two strategic Ministry of Health (MoH) PPPs; the İzmir & Kocaeli Integrated Healthcare Campus Projects.
The partners also announced a commitment by OPIC, EBRD and EDC that together will serve as lenders providing financing of $668 million for the development of the Izmir Bayrakli health campus project, subject to terms and conditions and financial close. The partners are also expected to confirm financing arrangements for the Kocaeli health campus project (subject to the required approvals) by the end of 2016.
The deal - that sees GE become a minority investor in the PPPs and awarded a ~$128 million multi-vendor equipment and maintenance contract – is part of the Turkish Ministry of Health’s $10 billion plan to deliver twenty-nine PPPs and 41,000 new hospital beds.
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The definitive agreement was signed in Ankara in the presence of His Excellency, Recep Tayyip Erdoğan, President of the Republic of Turkey and Prof. Dr. Recep Akdağ, Minister of Health of the Republic of Turkey.
“Together with our private partners, Turkey is delivering one of the world’s largest healthcare modernizations in public healthcare, and indeed the biggest in Turkish history. This has been a significant undertaking, enabled by policy and regulatory reforms to attract foreign investment and an appetite to leverage both local and foreign private sector innovation, capabilities and financing to propel the Turkish health system into the future,” said Prof. Dr. Recep Akdağ.
He added: “As of 2016, the Ministry has already awarded twenty-one projects, with eight of these projects achieving financial close with construction underway. We anticipate the Kocaeli and Izmir Bayrakli PPPs to begin services by 2020, bringing a range of world-leading medical technologies and services for the 5.8 million people in these two cities.”
As part of the Government’s patient-focused ‘Smart Hospitals’ initiative aimed at introducing well designed modern facilities to improve the quality of healthcare in the region, both health campuses will offer a general hospital, oncology hospital, women’s and children’s hospital, cardiovascular diseases centre and physical therapy and rehabilitation units.
Hakan Özman, Deputy Chairman and CEO of GAMA Holding A.Ş. said: “Today’s signing is a major milestone in our long-term commitment to the Kocaeli and Izmir Bayrakli projects. GE brings a strong track-record of healthcare PPPs around the world and their long-term participation as an equity investor and technology provider will be essential in realizing the Ministry of Health’s vision on these projects. With critical funding and project partners now in place the Consortium will look to accelerate the construction and delivery of these projects.”
