BSTDB Co-Finances High-Tech Medical Research Center in Türkiye

Press Release | 28-Dec-2017

The Black Sea Trade and Development Bank (BSTDB) has arranged  a EUR 50 million A/B loan financing under a EUR 715 million Public-Private Partnership (PPP) project implemented by CCN Laboratuvar Hizmetleri ve Yönetim Anonim Şirketi, Türkiye (“CCN Laboratuvar”) to finance the design, construction, operation, and maintenance of a Medical Research Center in Ankara. CCN Laboratuvar is a special purpose company created by the CCN Yatırım Holding Anonim Şirketi (“Sponsor”) to implement the project.

The Medical Research Center is the first of its kind in Türkiye, supporting research activities and providing access to high-tech laboratories. The Center will comprise biosafety level laboratories, research units, the offices of the Turkish Public Health Agency and Turkish Pharmaceutical and Medical Devices Agency, social and technical facilities.

BSTDB acted as Arranger of the 15-year debt financing mandated by the Sponsor, together with the European Bank for Reconstruction and Development (EBRD) and the Islamic Development Bank (IDB). Apart from providing a direct EUR 30 million A-loan facility, BSTDB arranged for a EUR 20 million B-loan from the OPEC Fund for International Development (OFID) and for parallel loans provided by the Austrian Development Bank (EUR 30 million) and the ECO Trade and Development Bank (EUR 15 million).

“We are happy to contribute to this landmark project in Türkiye, which will have a multiple development impact, most importantly raising the quality of medical service for the people to a new level. Importantly, the project also marks BSTDB’s first A/B loan arrangement, while the Bank is approaching its 20th anniversary. The successful launch of this financial product illustrates our efforts in the last three years to diversify the product range to better respond to market needs in the Black Sea region. We appreciate cooperation with our partner development institutions contributing to this project financing that is increasing our synergies and effectiveness in achieving common development goals,” said Ihsan Ugur Delikanli, BSTDB President.

“We are proud to reach the signing stage of the finance documents with such an influential lender group to this very strategic project. The Project will contribute to research capability in Türkiye and to its neighbourhood by investing in high technological bio safety laboratories. It will provide a modern work environment both for the researchers and personnel of the Turkish Public Health Agency and the Turkish Pharmaceutical and Medical Devices Agency. It is one of a kind - the first laboratory project in the PPP pipeline of the Ministry of Health and to our knowledge the first laboratory project financed under a PPP scheme,” said Elif Gumrukcuoglu, the Corporate Finance Director of CCN Yatırım Holding.

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CCN Laboratuvar Hizmetleri ve Yönetim Anonim Şirketi (CCN Laboratuvar) is a special purpose company created by the CCN Yatırım Holding Anonim Şirketi, which was awarded an 18 years concession by the Ministry of Health of Türkiye to design, construct, operate and maintain the Medical Research Center and provide certain non-clinical services in the Medical Research Center. CCN Laboratuvar will supply and maintain the four research laboratories, while the research services will be provided by the Ministry of Health.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.

Press contact:

Haroula Christodoulou

Phone: +30 2310 290533

E-mail: cchristodoulou@bstdb.org