LAHORE: Novacare Hospitals has signed a PKR 17 billion syndicated Islamic project finance facility to support the development of its tertiary care hospital in Islamabad, marking a significant milestone for healthcare investment in Pakistan.According to the company, the transaction is the first of its kind for a greenfield hospital in Pakistan, setting a new precedent for financing major healthcare infrastructure projects through Islamic finance.The financing is expected to help establish a framework for future hospital projects to access long-term capital, strengthen healthcare infrastructure, and expand access to quality medical services across the country.Novacare Hospital Islamabad aims to provide high-quality healthcare through advanced technology, clinical excellence, patient safety, ethical practices, and compassionate care.
The hospital is also an International Affiliate of Imperial College Healthcare NHS Trust in the United Kingdom, enabling it to benefit from the knowledge and expertise of a leading UK teaching hospital trust.Speaking at the signing ceremony, Novacare Hospitals Chief Executive Officer Hans Kedzierski highlighted the organisation’s commitment to delivering quality healthcare supported by technology, guided by empathy, and centred on patients’ needs.Raheel Jamal, Director of Marketing and Commercial Operations at Novacare Hospitals, said the financing reflected the confidence of Pakistan’s leading financial institutions in the hospital’s vision and would bring the organisation closer to providing trusted, high-quality healthcare to families.Zafar Masud, President and CEO of The Bank of Punjab, emphasised the importance of investing in healthcare, describing it as an investment in the care, dignity, and well-being of the communities the hospital will serve.The Bank of Punjab acted as the intercreditor agent and joint mandated lead advisor and arranger.
United Bank Limited (UBL) and Habib Bank Limited (HBL) served as joint mandated lead advisors and arrangers, while Pak China Investment Company Limited participated as co-arranger.PAIR Investment Company Limited and PakLibya Holding Company (Private) Limited were among the syndicate financiers. Haidermota & Co. served as legal counsel.The PKR 17 billion financing agreement represents a major step towards the development of Novacare Hospital Islamabad and highlights the growing role of Islamic finance in supporting healthcare infrastructure and improving access to quality medical services in Pakistan.
