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.
  • European Bank for Reconstruction and Development (EBRD)
  • International Finance Corporation (IFC)
Status: Board 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.
Board Decision Date: 2016-06-22
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: Bond Issuer: ELZ Finance S.A.
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
Project Cost (USD): $ 383.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ EBRD website
Updated in EWS: 2017-04-03
Disclosure Date: 2016-12-08
Elazig Hospital PPP
EBRD-46249

Project Description
The EBRD together with the World Bank's Multilateral Insurance Guarantee Agency ("MIGA") has provided a joint credit enhancement scheme to enable the issuance of the first greenfield infrastructure project bond in Turkey. ELZ Finance S.A. (the "Issuer") issued EUR 288 million of privately placed, euro-denominated senior secured bonds and on-lent the proceeds to its sister company ELZ Saglik Yatirim A.S. (the "Project Company"). The Project Company was awarded the 28 year concession by the Turkish Ministry of Health to design, build, fi ance, equip, and maintain an integrated hospital campus in Elazig with 1,038 beds - Elazig Integrated Health Campus PPP (the "Project"). The Project is part of the Hospital Facilities Management PPP Programme ("Programme") developed by the Turkish Government.
Investment Description
Bond Issuer: ELZ Finance S.A. is a public limited liability company incorporated under the laws of the Grand Duchy of Luxembourg and issued the senior secured Bonds. The Issuer on-lent the proceeds to the Project Company. Project Company: ELZ Saglik Yatirim A.S., a special purpose company that will supply and maintain hospital facilities in Elazig under the PPP scheme, while the provision of medical care will remain the responsibility of the Ministry of Health. The Project Company is owned by Ronesans Holding A.S, Ronesans Saglik Yatirim A.S., Meridiam Eastern Europe S.a.r.l., Sila Danismanlik Bilisim Egitim Insaat Taahhut Ticaret ve Saglik Hizmetleri Ltd. Sti , TTT Saglik Hizmetleri Egitim Insaat Sanayi Ticaret A.S., and S.A.M. Yapi Sanayi ve Ticaret Ltd. Sti. The International Finance Corporation ("IFC"), a member of the World Bank Group, has invested on a parallel basis in an unenhanced tranche of the bond.
Contact Information
ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.