Backing Turkey’s first greenfield infrastructure project bond
The EBRD provided €89 million in standby liquidity facilities to support a €288 million bond for the construction and operation of a state-of-the-art hospital with more than 1,000 beds in the city of Elazığ in eastern Turkey. The project was part of an innovative credit-enhancement mechanism developed jointly with the World Bank’s Multilateral Investment Guarantee Agency (MIGA).
The EBRD liquidity and MIGA political-risk insurance were instrumental to achieving an investment-grade rating for Turkey’s first greenfield infrastructure project bond, making the issuance more attractive to buyers. The project bond was issued by a joint venture between leading global infrastructure investor Meridiam and Ronesans Holding, a major Turkish construction company.