Key Takeaways
- The Bank of Punjab (BOP) has structured a Rs17bn Islamic project finance facility for Novacare Hospitals.
- The facility will support the development of a 250-bed tertiary care hospital and a feeder clinic in Islamabad.
- This is Pakistan’s first greenfield hospital financed under a Syndicated Islamic Project Finance Facility.
The Bank of Punjab (BOP) has successfully structured a Rs17 billion Islamic project finance facility for Novacare Hospitals (Private) Limited, a pioneering healthcare institution in Pakistan.
The signing ceremony, attended by project sponsors, management, and participating financial institutions, marked the financial close of the facility.
With an equity contribution of Rs11.5 billion from sponsors, the total project cost is estimated at approximately Rs28.5 billion.
This transaction is significant as it represents Pakistan’s first greenfield hospital financed under a Syndicated Islamic Project Finance Facility, setting a precedent for long-term financing in the healthcare sector.
BOP acted as the Intercreditor Agent and Joint Mandated Lead Advisor & Arranger, alongside United Bank Limited and Habib Bank Limited, with Pak China Investment Company Limited as Co-Arranger.
Participating syndicate financiers include PAIR Investment Company Limited and Pak Libya Holding Company Limited, contributing to the Rs17 billion facility.
Zafar Masud, President & CEO of BOP, emphasized the importance of healthcare, stating, '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.'
Masud further noted, '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.'
Novacare Hospitals (Private) Limited is Pakistan’s first and only hospital to be affiliated with Imperial College Healthcare NHS Trust, highlighting its commitment to world-class healthcare standards.
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.
Zafar Masud, President & CEO of The Bank of Punjab
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.
Zafar Masud, President & CEO of The Bank of Punjab
