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| Summary of Project Information (SPI) |
| This Summary of Project Information is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. |
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| Project number | 24659 |
| Project name | Acibadem II |
| Country | Turkey |
| Sector | Health Care |
| Department | Health and Education |
| Company name | Acibadem Saglik Hizmetleri Ve Ticaret A.S. |
| Environmental category | B |
| Date SPI disclosed | January 6, 2006 |
| Projected board date | February 6, 2006 |
| Status | Completed |
| Previous Events | Invested: March 31, 2006
Signed: March 14, 2006
Approved: February 24, 2006 |
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| Description of company and purpose of project |
| The Acibadem Healthcare Group (Acibadem), a leading private provider of healthcare services in Istanbul, Turkey, is undertaking an expansion in Istanbul and some other major cities of Turkey, such as Izmir. |
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| Project sponsor and major shareholders of project company |
| Acibadem Saglik Hizmetleri ve Tic. A.S. (Acibadem Saglik) is the holding company of the Group and is listed on the Istanbul Stock Exchange with 35.15% free float. Mr. Mehmet Ali Aydinlar, Acibadem’s President and CEO, holds 34.99% of the total shares capital of Acibadem Saglik and other 26 individual shareholders holds the remaining 29.86%. |
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| Total project cost and proposed IFC investment |
| Total project cost is estimated at around $100 million. The proposed IFC investment is a loan of up to $40 million equivalent for IFC’s own account. |
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| Location of project and description of site |
| The location of two new hospitals in Istanbul will be at Maslak and Fulya district of Istanbul. The new hospital in Izmir is to be located at downtown Izmir. |
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| Project Development Impact and IFC's Role |
The Expansion of Acibadem will have a strong development impact by expanding access to high quality healthcare in Istanbul and other cities of Turkey and demonstrating best administrative and patient care practices through out the medical community. In addition, Acibadem, has extensive public health and education programs, which are offered free of charge to the community.
IFC’s main role in the project is as a provider of flexible, tailored long-term financing on reasonable terms, which is currently not available to the private healthcare sector in Turkey. |
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| Environmental and social issues - Category B |
This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects because a limited number of specific environmental and social impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The review of this project consisted of appraising technical, environmental, health and safety, as well as social/community information submitted by the project sponsor as well as a site visit to the construction site of their Acibadem’s new Bursa Hospital.
The following potential environment, health and safety (EHS), and social/community impacts of the projects were analyzed:
- Development and implementation of corporate EHS management systems by Acibadem;
(ii) Compliance of Acibadem’s existing and new facilities with Turkish and IFC EHS requirements;
(iii) Commitment of Acibadem to quality and efficiency and to EHS performance including international certification; and
(iv) Acibadem’s commitment to be a responsible corporate citizen.
Accordingly, IFC concludes that the proposed project will meet the applicable Turkish and IFC environment and social policies and the environmental, health and safety guidelines upon successful implementation of the agreed mitigation measures.
To view the environmental documents for this project, click here |
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| Location of environmental documents in locally affected community |
The translated ERS will be available upon request, at Acibadem’s headquarters in Istanbul (Fahrettin Kerim Gokay Cad. 49,
Altunizade 34462 Istanbul, Turkey), Acibadem Bakirkoy Hospital (Halit Ziya Usakligil Sok. No:1 Bakirkoy, Istanbul, Turkey), Acibadem Kozyatagi Hospital (Inonu Cad. Okul Sok. No:20 Kozyatagi, Istanbul, Turkey) and Acibadem Kadikoy Hospital (Acibadem Cad. Tekin Sok. No:8 Kadikoy Istanbul, Turkey). It will also be published on the company’s website (www.acibadem.com.tr). An advertisement in a local newspaper will inform the local community of the availability of the ERS. |
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| To contact the project company, please write to: |
Mr. Sedat Artukoglu
Phone: + 90 216 416 5971
Fax: +90 216 327 7120
E-mail: sartukoglu@asg.com.tr |
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