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FirstCaribbean Bank finances Turks and Caicos hospitals
Real estate news By Caribbean Net News
Tuesday, January 29, 2008
FirstCaribbean International Bank, as Lead Arranger, has successfully closed an innovative US$124 million financing for the Turks and Caicos Islands Hospitals Public Private Partnership (PPP) Project. With the closure of this transaction, FirstCaribbean is the first regional financial institution to deliver a healthcare PPP to the Caribbean.
Mark Young, Director Corporate Finance, noted that the transaction required the bank’s corporate finance team to develop a series of innovative solutions to introduce the relatively new PPP concept to the Caribbean. "FirstCaribbean is pleased to have led this complex project to a successful conclusion. From start to finish, this represents two years of dedicated work and we are especially proud to be the first Bank in the Caribbean to close such a transaction,” he said.
Young also indicated that FirstCaribbean was delighted to have been able to work with the government of the Turks and Caicos Islands and Interhealth Canada in bringing the groundbreaking and complex transaction to financial close. FirstCaribbean also worked with the Barclays Bank PFI team, who provided structuring assistance to the Bank; leading UK law firm, Lovells; and Turks and Caicos law firm, Miller Simons O’Sullivan.
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