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| Description of company and purpose of project |
| The Acibadem Healthcare Group (Acibadem or the company), a leading private provider of healthcare services in Istanbul, Turkey, is undertaking an expansion in Istanbul and Bursa. The project includes constructing and putting into operation two new hospitals—a 80-bed specialized oncology and neurosurgery hospital in Istanbul (Kozyatagi Hospital) and a 200-bed general hospital in Bursa (Bursa Hospital). In the longer term, Acibadem is planning further expansion, including construction of a 200-bed general hospital to be located in the Maslak district of Istanbul (Maslak Hospital). |
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| Project sponsor and major shareholders of project company |
| Acibadem Saglik Hizmetleri ve Tikaret A.S. (Acibadem Saglik) is the main company of Acibadem Healthcare Group. It is listed on Istanbul Stock Exchange with 15% free float. Mr. Mehmet Ali Aydinlar, Acibadem’s President and CEO, holds approximately 40% of the total share capital of Acibadem Saglik and other 25 individual shareholders control the remaining 45%. |
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| Total project cost and proposed IFC investment |
| The total project cost is estimated at around $62 million. The proposed IFC investment is $20 million equivalent senior debt financing for IFC’s own account. |
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| Location of project and description of site |
| The construction of the specialized oncology and neurosurgery hospital was completed in June 2004. It is a 12,000 m2 facility located in the Kozyatagi district of Istanbul. A 28,000 m2 Bursa Hospital is being built in the city of Bursa. |
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| Project Development Impact and IFC's Role |
The expansion of Acibadem will improve access to high quality health care in Istanbul and Bursa and demonstrate best administrative and patient care practices throughout the medical community in Turkey.
The IFC will provide long-term financing tailored to the project with terms which are not otherwise available to private healthcare providers in Turkey. |
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| Environmental and social issues - Category B |
This a category B project according to IFC’s environmental and social review because a limited number of specific environmental and/or 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 site visits to existing Acibadem healthcare facilities in Istanbul and to the site of the proposed new hospitals in Istanbul and Bursa. Based on this information, IFC concludes that the proposed project will meet the applicable World Bank/IFC environment and social policies and the environmental, health and safety guidelines upon successful implementation of the specific 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) .
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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