The Bank of Punjab Leads Rs17 Billion Islamic Financing for Novacare Hospital Islamabad
Novacare Hospital The Bank of Punjab leads PKR 17 billion in Islamic project financing for a new Islamabad healthcare facility.
The Bank of Punjab (BOP) has led the structuring of a PKR 17 billion syndicated Islamic project finance facility for Novacare Hospitals (Private) Limited.
The financial close was marked at a signing ceremony attended by project sponsors, management and participating financial institutions.
The financing will support the development of a 250-bed tertiary care hospital and a feeder clinic in Islamabad. Novacare Hospitals is affiliated with Imperial College Healthcare NHS Trust, according to the press release.
The project has an estimated total cost of PKR 28.5 billion. Its sponsors are contributing PKR 11.5 billion in equity.
First Greenfield Hospital Project of Its Kind
The transaction is described as Pakistan’s first greenfield hospital financed through a syndicated Islamic project finance facility. It establishes a financing model for mobilising long-term capital for healthcare infrastructure.
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BOP arranged and structured the facility and will serve as Intercreditor Agent. It also acted as Joint Mandated Lead Advisor and Arranger alongside United Bank Limited (UBL) and Habib Bank Limited (HBL).
Pak China Investment Company Limited participated as Co-Arranger. PAIR Investment Company Limited and Pak Libya Holding Company Limited joined as syndicate financiers.
BOP committed PKR 5.8 billion to the project. The bank said its commitment reflects confidence in Novacare and the project’s importance to Pakistan’s healthcare sector.
Novacare Aims to Deliver International Healthcare Standards
Novacare Hospitals CEO Hans Kedzierski thanked the participating institutions for supporting the project.
He outlined the hospital’s vision of delivering international healthcare standards in Pakistan. He also emphasised patient care and empathy as central elements of its mission.
Speaking at the ceremony, BOP President and CEO Zafar Masud highlighted the project’s wider social importance.
“Healthcare touches every one of us,” Masud said. He noted that quality hospitals and skilled doctors can make a significant difference to patients and their families.
He added that Novacare represents more than a financing transaction. In his view, the project is an investment in the care, dignity and wellbeing of future patients.
Financing Framework Could Support Future Projects
Masud said the project reached financial close through the sponsors’ commitment and cooperation among all six participating institutions.
He expressed hope that the financing framework would make it easier for future healthcare projects to secure long-term capital.
He also congratulated Novacare’s sponsors, board and management. In addition, he acknowledged the participating institutions, advisers, legal counsel and BOP’s Investment Banking and Project Finance teams.
“Financial close is an important milestone, but the real achievement will be the day the hospital opens its doors to patients,” Masud said.
He added that BOP looks forward to supporting Novacare through construction and commissioning.
The transaction reflects BOP’s stated commitment to financing essential infrastructure. The bank said such projects can deliver lasting economic and social benefits.
