The Bank of Punjab (BOP) completed the financial close of a PKR 17 billion Syndicated Islamic Project Finance Facility for Novacare Hospitals (Private) Limited. This funding will support the construction of a feeder clinic and a 250-bed tertiary care hospital in Islamabad.
Novacare Hospitals (Private) Limited holds the distinction of being the only hospital in Pakistan affiliated with the Imperial College Healthcare NHS Trust. Sponsors provided PKR 11.5 billion in equity toward a total project cost of approximately PKR 28.5 billion.
The Bank of Punjab served as the Intercreditor Agent to arrange and structure the facility. BOP also acted as Joint Mandated Lead Advisor & Arranger alongside United Bank Limited and Habib Bank Limited.
Pak China Investment Company Limited served as Co-Arranger for the transaction. PAIR Investment Company Limited and Pak Libya Holding Company Limited participated as syndicate financiers.
The Bank of Punjab committed PKR 5.8 billion to the financing. Zafar Masud, President & CEO of The Bank of Punjab, said, "Healthcare touches every one of us. At some point, we have needed care for ourselves or someone we love, and we understand the difference that a good hospital and a skilled doctor can make. That is why Novacare has always meant more to us than a financing transaction. It is an investment in the care, dignity and wellbeing of the people this hospital will serve."
Masud stated that the collaboration among six institutions established a framework to help future Pakistani healthcare projects access long-term capital. The CEO added that the real achievement will be the day the hospital opens its doors to patients, noting that the bank looks forward to supporting Novacare through construction and commissioning.
Zafar Masud, President & CEO of The Bank of Punjab, said, "Healthcare touches every one of us. At some point, we have needed care for ourselves or someone we love, and we understand the difference that a good hospital and a skilled doctor can make. That is why Novacare has always meant more to us than a financing transaction. It is an investment in the care, dignity and wellbeing of the people this hospital will serve."
Mr. Zafar Masud, President & CEO of The Bank of Punjab
