Istanbul Ikitelli Integrated Health Campus (MIGA-3568)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 18, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Sojitz Hospital PPP Investment B.V.
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 127.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Feb 24, 2018

Disclosed by Bank Jun 16, 2017


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to MIGA website, on July 19, 2017, MIGA issued guarantees of ¥13.3 billion (US$119 million) to Sojitz Hospital PPP Investment B.V. of the Netherlands for an equity investment and shareholder loan into the Istanbul Ikitelli Integrated Health Campus Project in Turkey. The guarantees, available for up to 20 years, provide coverage against the risks of transfer restriction, expropriation and breach of contract.

The project is expected to improve access to high quality health services for the Çekmece region of Istanbul (population 2.8 million) as well as the rest of Istanbul through the construction of a new integrated health campus, which will increase the city’s healthcare capacity and provide greater access to specialty hospitals. Given Istanbul’s historical and anticipated population growth, the construction of new healthcare facilities is critical. Improved and/or new infrastructure will also contribute to improved energy efficiency in Turkey’s public hospitals.

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/