main navigation menu
World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Young woman bending down to tending to her outside chores

Explore different types of political risk insurance guarantees provided to investors and lenders.

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

Stay Connected
x
Turkey

ELZ Sağlık Yatırım A.Ş.

$326 million
Services
Project Brief
Active
exterior of hospital building

Project Facts

Project Facts

Project Facts

Turkey
Project ID
12871
Strategic Priority Area
Energy efficiency and climate change
Middle Income Countries
Guarantee Holder
Meridiam Eastern Europe SarL
ELZ Finance S.A.
Investor Country
Luxembourg
Environmental Category
B
Date SPG Disclosed
May 16, 2016
Projected Board Date
June 16, 2016
Project Type
Non-SIP
Fiscal Year
2017

Project description

On November 17, 2016 and December 13, 2016, MIGA issued guarantees totaling €306.4 million (US$326 million) to Meridiam Eastern Europe S.a.r.l. and ELZ Finance S.A. for investments into the Elazig Integrated Health Campus Project in Elazig, Turkey. ELZ Finance S.A. is a Special Purpose Vehicle formed for the purpose of issuing debt to finance the Project. The guarantees are for a period of up to 20 years against the risks of transfer restriction, expropriation, and breach of contract.

The project involves the construction of a 1,038-bed hospital campus in the city of Elazig under a 28-year design, build, finance, operate, and transfer agreement. Facility management and clinical support services will also be provided under the contract. The project is part of the Turkish Health Public-Private Partnership Program (PPP) developed by Turkey’s Ministry of Health to renovate the public hospital infrastructure in the country. MIGA has previously supported the Health PPP Program by issuing guarantees to Meridiam for its investments in the Adana Integrated Health Campus and Yozgat Integrated Health Campus.

Environmental Categorization

The project is a category B under MIGA’s Policy on Environmental and Social Sustainability. Click here to view the Environmental and Social Review Summary.

Development Impact

The project is expected to contribute to better health outcomes through the replacement of aging and obsolete infrastructure with more efficient buildings and modern technologies. The project is also expected to have a demonstration effect for other sectors, where PPP models are under consideration as an alternative to improve social infrastructure.

MIGA’s support for this project is aligned with the World Bank Group’s Country Partnership Strategy for Turkey. Under the strategic objective of improved equity and public services, the World Bank Group plans to support the government’s Health Transformation Program as outlined in the Ministry of Health’s Strategic Plan. This includes a PPP program aimed at providing affordable healthcare services beyond major urban areas.