Breaking grounds in the participation banking market, Kuveyt Türk provided financing of 100 million euros to the Medical Research Center of Ministry of Health, the first and only institution given its properties. Kuveyt Türk has made the biggest support in this respect by participating in the financing of the center with 100 million euros against the financing support of 494.5 million euros provided by 12 other lenders.
Providing financing support to the institutions and entities contributing to today and future, Kuveyt Türk has now provided financing support for the first medical research center that will support the healthcare research activities and provide access to hi-tech laboratories in Turkey. The medical research center to house the administrative buildings and biosecurity-assigned research centers of the Ministry of Health will satisfy the needs of the patients and healthcare professionals with its advanced technologic infrastructure.
Kuveyt Türk has participated in the syndicate of 12 funding partners including the international financing institutions such as European Bank for Reconstruction and Development (EBRD), Black Sea Trade and Development Bank (BSTDB), Islamic Development Bank (ISDB) for the financing of the medical research center with a total investment cost of 711 million Euros. Kuveyt Türk has made the largest support in this project by funding it with 100 million euros to the overall financing of 494.5 million euros provided by 12 other funding partners with a tenure of 15 years.
Mr. Ufuk Uyan, the CEO of Kuveyt Türk, was quoted as saying in a statement made on this matter, “We are pleased to provide financing for such a strategically important for the public healthcare in Turkey. The medical research center will invest in high-tech biological laboratories and make remarkable contributions to the research activities in our country and neighboring countries. In addition, this project will provide a modern working environment for the healthcare institutions of Turkey and their employees and efficiently respond to the need for ever developing medical technologies. We are also pleased that 40% of the financing of such a project has been funded together with Islamic Development Bank and its subsidiaries through interest-free banking principles”
The medical research center the project of which has been prepared by Turkish Public Health Institution and Turkish Pharmaceuticals and Medical Device Authority will be built in Bilkent, Ankara as a campus to shelter all the research and development activities to be carried out in an effort to be prepared against the incidents that may pose risks in terms of national bio-security. The project whereby the first medical research center of Turkey will be built shall be implemented through Public-Private Sector Participation (PPP) model by the contractor CCN Yatırım Holding A.Ş.