The Bank of Punjab has led a Rs17 billion syndicated Islamic financing facility for Novacare Hospitals to develop a 250-bed hospital in Islamabad. The financing will also support a feeder clinic, bringing together six financial institutions for the healthcare project.
According to the bank, sponsors will contribute Rs11.5 billion in equity towards the estimated Rs28.5 billion project cost. BOP has committed Rs5.8 billion, representing approximately one-third of the syndicated facility.
The bank announced financial close at a signing ceremony attended by the project’s sponsors, management and participating institutions.
Six institutions back hospital financing
BOP structured the facility as intercreditor agent and joint mandated lead adviser and arranger. United Bank Limited and Habib Bank Limited joined as joint mandated lead advisers and arrangers.
Pak China Investment Company Limited served as co-arranger. PAIR Investment Company Limited and Pak Libya Holding Company Limited participated as financiers.
BOP described the transaction as Pakistan’s first greenfield hospital project financed through a syndicated Islamic project finance facility.
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President and Chief Executive Zafar Masud said the framework could make long-term capital more accessible for future healthcare projects.
“Healthcare touches every one of us,” Masud said at the ceremony.
He emphasised the importance of completing construction and commissioning so the hospital could begin serving patients.
Novacare Chief Executive Hans Kedzierski thanked the participating institutions. He said the hospital aims to deliver international healthcare standards, with patient care and empathy central to its approach.
Islamabad hospital plans specialist services
The hospital project sits in DHA Phase V, Islamabad. Novacare’s affiliation with Imperial College Healthcare NHS Trust will support clinical standards, staff development and hospital planning.
The British High Commission says the hospital plans comprehensive care across 28 clinical specialties. These include cardiology, oncology, orthopaedics, neurology and maternal health.
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An International Finance Corporation project disclosure provides further details of the development. It identifies Novacare as a wholly owned subsidiary of Maple Leaf Cement Factory Limited.
According to that disclosure, construction began in July 2024. Phase one plans include 250 beds, 11 operating theatres and 80 outpatient clinics.
The planned services also cover paediatrics, emergency and trauma care, laboratory testing and diagnostic imaging.
UK affiliation supports training and patient care
Imperial’s role includes specialist advice on staffing, training and hospital planning, according to the British High Commission.
The arrangement offers Novacare clinicians opportunities to observe multidisciplinary meetings and obtain second opinions from UK specialists. It also provides for training aligned with NHS protocols.
Doctors may refer complex cases to Imperial’s private facilities in London. The Trust will reinvest affiliation fees into its NHS services.
The IFC disclosure identifies Andalus Holdings as responsible for project development, financial structuring, construction and hospital operations.
The bank’s announcement focuses on financing the hospital and feeder clinic. It does not specify patient charges or an exact opening date.
