Active Development AidData Chinese Aid

ICBC Turkey contributes to €155 million syndicated loan for Kütahya Integrated Health Campus PPP in Turkey

€38.75M EUR

Funder	ICBC Turkey Bank A.Ş.
Recipient Organization	Dumlupınar Sağlık Hizmetleri Anonim Şirket
Country	Turkey
Start Date	Aug 25, 2022
End Date	Oct 30, 2030
Duration	2,988 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`110105`

Grant Description

ICBC Turkey contributes to €155 million syndicated loan for Kütahya Integrated Health Campus PPP in Turkey On August 25, 2022, ICBC Turkey joined a consortium of Turkish banks in providing a €155 million syndicated loan to Dumlupınar Sağlık Hizmetleri Anonim Şirketi, a special-purpose vehicle responsible for developing and operating the Kütahya Integrated Health Campus under a public-private partnership (PPP) model.

The project involves the design, construction, and operation of a 610-bed hospital complex (known as Kütahya Şehir Hastanesi) in Kütahya, Turkey.

The financing package includes contributions from Türkiye İş Bankası A.Ş., Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB), Ziraat Bankası A.Ş., and ICBC Turkey Bank A.Ş. Clifford Chance and GKC Partners served as legal counsel to the lenders, while Ergun Law advised the borrower. ICBC Turkey acted as one of the Mandated Lead Arrangers.

The project reached financial close in August 2022. This syndicated loan follows an earlier EUR 15 million bridge loan provided by ICBC Turkey in 2019 to the same SPV.

📋 Staff Comments

ICBC Turkey’s contribution is estimated at €38.75 million based on an equal division of the €155 million loan across four lenders.
This is a follow-on financing to an earlier EUR 15 million bridge loan signed by ICBC Turkey in 2019 (record ID #92346).
Margin, tenor, and other terms are inferred from typical Turkish PPP deals.

📚 Sources & References

Clifford Chance advises on the financing of the Kütahya Integrated Health Campus PPP Project
Clifford Chance
Ergun, and GKC Partners Advise on Kutahya Integrated Health Campus PPP Project Financing
Kütahya Hospital PPP Project
Clifford Chance
Ergun, and GKC Partners Advise on Kutahya Integrated Health Campus PPP Project Financing
Kutahya Integrated Health Campus PPP Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.