NH and Republic Bank Announces $280 Million Public Private Partnership Loan to Construct Ministry of Health Headquarters

November 26, 2020, Port of Spain–Republic Bank and NH International (Caribbean) Limited, through a subsidiary wholly owned by the latter (Asclepius Holdings Limited), announced that a $280 Million Term Loan will be used exclusively for the construction of the new Ministry of Health Headquarters and multistorey carpark at Queens Park East, Port of Spain. The new Headquarters will have a total square footage of 237,591 square feet and will accommodate Ministry staff as well as offices for the Pan-American Health Organization and the World Health Organization.

The Project is being constructed and financed as part of a Public Private Partnership model between the Government of Trinidad and Tobago, through the Ministry of Health and Urban Development Corporation of Trinidad and Tobago (UDECOTT), NH and Republic Bank. The financing is being structured as a “Build Own Lease Transfer” or BOLT facility. After completion, the Headquarters will be leased by the Ministry of Health for 15 years and transferred to the Government of Trinidad of Tobago after satisfactory conclusion of the agreement.

Republic Bank acted as Mandated Lead Arranger and Administrative Agent. Johnson, Camacho and Singh Attorneys at Law and Byrne and Byrne Attorneys at Law, acted as Legal Counsels for the transaction.

Emile Elias, Founder and Executive Chairman of NH, noted at the sod turning event on Tuesday, November 24th that he was thankful for the extensive experience and support of his project development team including, its lenders, Republic Bank.

“As a result of the excellent ability of our financing partners, Republic Bank was able to mobilize domestic savings at a competitive interest rate, this greatly assisted us in beating the competition, which included foreign firms. It allowed us to assemble the best local design team which created the most cost-efficient design for the Government.” He added. NH was selected as the preferred bidder in a competitive bidding process.

Richard S. Sammy, General Manager of the Corporate and Investment Banking Division at Republic Bank noted that the financing structure provides the Government with a private sector model which can be applied to other national development projects. “The BOLT structure, though fairly complex in arrangement, is indeed a unique and innovative model. We are pleased to have partnered with NH, an outstanding industry player with an extensive track record within the Caribbean. Republic Bank will continue to lead the way with robust financing solutions to help stimulate growth in Trinidad and Tobago.”

The Headquarters is expected to be completed by the end of 2022.