Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Turkey
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Multilateral Investment Guarantee Agency (MIGA)
Status: Proposed
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.
Board Decision Date: 2016-06-16
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 or Client: Meridiam Eastern Europe SarL Special Purpose Vehicle to be established
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Infrastructure
Investment Type(s): Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 507.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

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Primary Source

Original disclosure @ MIGA website
Updated in EWS: 2017-07-24
Disclosure Date: 2016-05-16
ELZ Saglik Yatirim A.S.
MIGA-3501

Project Description
MIGA is considering an investment by Meridiam Eastern Europe S.a.r.l. and a Special Purpose Vehicle yet to be formed for the purpose of issuing debt, of Luxembourg in ELZ Saglik Yatirim A.S. in Turkey. The investors have applied for MIGA guarantees of up to €457 million $507 million) 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.
Investment Description
Contact Information
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/