The Bank of Punjab reached the financial close for a PKR 17 billion Syndicated Islamic Project Finance Facility for Novacare Hospitals (Private) Limited during a signing ceremony that gathered project sponsors, management, and participating financial institutions.
This facility will fund the construction of a 250-bed tertiary care hospital and a feeder clinic in Islamabad. Novacare Hospitals (Private) Limited stands as Pakistan's first and only hospital affiliated with Imperial College Healthcare NHS Trust. Sponsors provided PKR 11.5 billion in equity, bringing the total project cost to approximately PKR 28.5 billion.
This transaction marks Pakistan's first greenfield hospital financed through a Syndicated Islamic Project Finance Facility, setting a precedent for gathering long-term funding for medical infrastructure.
The Bank of Punjab arranged and structured the facility as Intercreditor Agent and worked as Joint Mandated Lead Advisor and Arranger alongside United Bank Limited and Habib Bank Limited. Pak China Investment Company Limited served as Co-Arranger, while PAIR Investment Company Limited and Pak Libya Holding Company Limited joined as syndicate financiers. The Bank of Punjab committed PKR 5.8 billion in financing.
Novacare Hospitals (Private) Limited CEO Mr. Hans Kedzierski expressed gratitude to the participating institutions for their backing and outlined Novacare's goal of bringing international healthcare standards to Pakistan.
Mr. Zafar Masud, President and CEO of The Bank of Punjab, spoke at the ceremony about the personal impact of healthcare and called the project an investment in the wellbeing of the people it will serve.
He noted that reaching financial close demanded strong conviction from sponsors and cooperation among all six participating institutions to establish a framework that will help future healthcare projects secure long-term capital.
Mr. Masud praised Novacare's sponsors, Board, and management while recognizing the efforts of participating institutions, advisers, legal counsel, and the Investment Banking and Project Finance teams at The Bank of Punjab.
He stated that while financial close is a major milestone, the true success arrives when the hospital welcomes patients, and he expressed eagerness to support the project through construction and commissioning.
The transaction highlights the bank's dedication to financing projects that build vital infrastructure and provide economic and social advantages.
