Rs17bn Islamic project finance closed for Novacare Hospital
Bank of Punjab Islamic finance has reached financial close on a Rs17 billion syndicated facility for a 250-bed tertiary hospital and feeder clinic in Islamabad, backed by Rs11.5 billion in sponsor equity.
The Bank of Punjab has marked financial close on a Rs17 billion syndicated Islamic project finance facility for Novacare Hospitals (Private) Limited.
The funding will support a 250-bed tertiary care hospital and a feeder clinic in Islamabad, with total project cost of about Rs28.5 billion.
Sponsors are contributing Rs11.5 billion in equity; BOP’s own financing commitment is Rs5.8 billion.
BOP structured the deal as Intercreditor Agent and Joint Mandated Lead Advisor & Arranger with UBL and HBL; five other institutions also took part.
Officials describe it as Pakistan’s first greenfield hospital financed under a syndicated Islamic project finance facility.