The Bank of Punjab Leads Structuring of PKR 17 Billion Islamic Project Finance Facility for Novacare Hospital Islamabad

The Bank of Punjab (BOP) has successfully led the financial close of a PKR 17 billion Syndicated Islamic Project Finance Facility for Novacare Hospitals (Private) Limited, aimed at developing a 250-bed tertiary care hospital and a feeder clinic in Islamabad. This marks Pakistan’s first greenfield hospital to be financed under such a facility, setting a new precedent for long-term healthcare infrastructure financing. With Novacare's sponsors contributing PKR 11.5 billion in equity, the total project cost is approximately PKR 28.5 billion. BOP acted as Intercreditor Agent and Joint Mandated Lead Advisor & Arranger alongside United Bank Limited and Habib Bank Limited, with other institutions also participating. This initiative is seen as a crucial investment in Pakistan's healthcare sector, with BOP's President & CEO, Zafar Masud, emphasizing its potential to ease future healthcare projects' access to long-term capital and deliver international standards of care.