a) In order to improve health care delivery in Ghana, among other things, the Government of Ghana in 2012 signed a contract with an Israeli construction company - Messrs Engineering and Development Consultant to build a 650-bed medical facility. Construction began in April 2013 as a turnkey project. In 2015, the University of Ghana, which had provided a 400-acre land for the construction of the hospital, established a Special Purpose Vehicle (SPV) that will operate the facility. The name of the company is the University of Ghana Medical Centre (UGMC) Limited. UGMC was completed in August 2017 and requires about 800 personnel when it is fully operational. The first phase of the project is priced at $217 million. The second phase of the project requires about $50 million.
i. According to the typical features of project finance, does the project described above fit the description of project finance?
ii. What is a turnkey contract and who does a Project company sign one with?
iii. Under what conditions can the procurement of funds for the second phase of the project be termed as mezzanine debt?
iv. Using probable scenarios, describe how the project may be affected by political and commercial risks.

b) 

Assume that during the second phase of UGMC, equipment that currently costs $950,000 is required. An alternative will be to lease the equipment for a rental of $320,000 for 5 years. The interest rate is the last two digits of your Student ID. Which is a better option for UGMC, lease or buy?