Gaziantep Hospital PPP Project
Project description
The Multilateral Investment Guarantee Agency (MIGA) is planning to issue guarantees that will support equity and quasi-equity investments by Meridiam Eurasia SAS (Meridiam) into Gaziantep Healthcare Hospital Property Yatirim A.S. (the Project Enterprise or PE), established to manage the Project under a 28-year Project Agreement, originally signed in 2013. The guarantees will be issued for a period of 15 years and cover the risks of expropriation, breach of contract, and war & civil disturbance.
Environmental Categorization
This project has been categorized as B according to the MIGA Policy on Environmental and Social Sustainability (2013). Click HERE to view the updated Environmental & Social Review Summary (ESRS) prepared by MIGA in connection with Meridiam’s investment in the Project.
Development impact
MIGA’s support of Meridiam’s entry into the Project, in which MIGA is already involved by virtue of the coverage extended to previous investors in 2017, will ensure the realization of the project’s critical development impacts. In addition, given the chronic need for quality healthcare services in this particular area of the country, and in light of the unprecedented level of loss of life and property which followed the Feb 6th earthquake that shook the entire region, the Project is more than ever needed. It will benefit populations stricken by this tragic natural disaster but also chronically and longstanding underserved ones on both sides of the Turkish-Syria border.
MIGA’s proposed coverage to Meridiam is aligned with the World Bank Group’s Country Partnership Framework for Türkiye. It also meets MIGA’s FY2021-23 Strategy’s emphasis on continuing to serve all client countries, including non-IDA/FCS and middle-income countries, given the large share of the global poor residing in middle-income countries and their high levels of inequality. In this context, the Project supports a region in Türkiye which is in dire need of improved services and infrastructure in the immediate, mid-and long-terms.
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MIGA supports its clients (as defined in MIGA Policy on Environmental and Social Sustainability) in addressing environmental and social issues arising from their business activities by requiring direct investment clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities. MIGA support to Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations as per the requirements of Performance Standards 1.
In addition, Affected Communities have unrestricted access to the Compliance Advisor/Ombudsman (CAO), the independent accountability mechanism for MIGA. The CAO is mandated to address complaints from people affected by MIGA-guaranteed business activities in a manner that is fair, objective, and constructive, with the goal of improving environmental and social project outcomes and fostering greater public accountability of MIGA.
Independent of MIGA management and reporting directly to the World Bank Group President, the CAO works to resolve complaints using a flexible, problem-solving approach through its dispute resolution arm and oversees project-level audits of MIGA’s environmental and social performance through its compliance arm.
Complaints may relate to any aspect of MIGA-guaranteed business activities that is within the mandate of the CAO. They can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of a MIGA-guaranteed business activity. Complaints can be submitted to the CAO in writing to the address below:
Compliance Advisor/Ombudsman
International Finance Corporation
2121 Pennsylvania Avenue NW
Room F11K-232
Washington, DC 20433 USA
Tel: 1 202 458 1973
Fax: 1 202 522 7400
E-mail: cao-compliance@ifc.org