New 850 bed hospital to transform patient care, medical technology and university research
New regional hospital to provide specialised healthcare for 3.2 million people in north-eastern Romania
First hospital in Romania to benefit under new EIB regional hospital focus, including advisory and financial support
Specialised hospital care and medical treatment for 3.2 million people in north-eastern Romania will be transformed by EUR 250 million new financial support by the European Investment Bank for construction of a new regional hospital in the country’s second city Iasi. The new 27-year loan represents the EIB’s largest ever support for healthcare in Romania.
Further EIB investment in Romanian hospitals is expected to be confirmed in the coming months.
“The Iași Emergency Regional Hospital will not only be a new building, but once fully operational, it will allow the health system to move into a new era of healthcare provision, overcoming critical gaps in the sector and making a long-term contribution to the health of the population. Investing in the health system is investing in people, and the new EIB financing of EUR 250 million signed today is making the plans to build a new regional hospital in Iasi a reality, which will lead to improved healthcare in north-eastern Romania and develop medical education in Iași. As Minister of Finance, I strongly support investment in the health sector, with the health budget as a priority. The European Investment Bank’s financial, technical and advisory support will accelerate the provision of better health services based on best practices and ensure that investments in the Romanian healthcare system benefit from the EIB’s extensive know-how and experience supporting investment in hospitals across Europe” said Alexandru Nazare, Minister of Finance of Romania and Governor of the European Investment Bank.
“The European Investment Bank is pleased to agree our largest ever financing for hospital investment in Romania. The EUR 250 million long-term EIB loan, combined with significant advisory and technical assistance support, will back construction of the new Iasi Regional Hospital and deliver modern, efficient and better health care for millions of people in north-eastern Romania. The new facility will increase access to specialist patient treatment and improve medical education for future generations of doctors.” said Christian Kettel Thomsen, European Investment Bank Vice President responsible for lending operations in Romania.
Increasing access to quality healthcare
The new EIB support will improve the quality and efficiency of acute, secondary and tertiary medical treatment in north eastern Romania, using the latest technology and healthcare expertise.
The new hospital will also help to strengthen public health response to the COVID-19 pandemic and improve preparedness against future pandemics.
The 850 bed facility will replace the existing, 260 year old, Saint Spiridon County Emergency Hospital and improve teaching and research at the Grigore Popa University of Medicine and Pharmacy in Iasi.
The new 7-storey hospital will provide both in-patient and out-patient health care and is expected to be operational in 2027.
First Romanian hospital to benefit under new EIB advisory and financing initiative
The EIB is currently appraising possible financing for two other regional hospitals in Romania in Cluj and Craiova.
All three projects have benefitted from an extensive advisory and technical assistance package provided by EIB experts and external consultants in the context of EU funded programmes, including the European Investment Advisory Hub, JASPERS and PASSA. The advisory support included the development of feasibility studies, advice on project implementation and on the optimal use of EU funds.
Last year the EIB Group provided more than EUR 809 million of new financing to support higher education, water distribution, energy efficiency and private sector investment across Romania.
The European Investment Advisory Hub (EIAH or the Advisory Hub) is a partnership between the EIB Group and the European Commission as a part of the Investment Plan for Europe. It is designed to act as a single point of entry to a comprehensive offer of advisory services and technical assistance, aiming at providing targeted support to identify, prepare and develop investment projects across the European Union. It supports both public and private project promoters.
Countries in the Central, Eastern and South-Eastern Europe (CESEE) region are particularly exposed to fallout from the war. Tighter financial links with Russia, the flow of refugees, reliance on foreign direct investment and energy dependence are worsening expectations. Banks are signalling a potential tightening of credit supply, and credit quality is expected to deteriorate. Despite uncertainty and the increasing risks, international banking groups remain confident in the region’s potential. They signal positive strategic intentions towards their regional operations, amid higher profitability: two-thirds of banking groups intend to maintain operations in the region, while one-third expect to selectively expand operations in certain countries. This is despite some top banking groups in the region also having a direct presence in Russia, Belarus or Ukraine.
EIB Global, the development arm of the European Investment Bank, will join partners and project beneficiaries at the European Development Days organised by the European Commission on June 21 and 22, to discuss how partnerships can build more resilient connections with the world.
The European Investment Bank, in close cooperation with the European Union, is planning to support large-scale investment by South Africa’s specialist human vaccine manufacturer Biovac to increase development and manufacturing of vaccines and enable a quicker response to future pandemics. The EIB’s first support for vaccine investment in South Africa is expected to increase annual production capacity at Biovac’s Cape Town plant to 500 million doses, enable manufacturing of viral and bacterial targeted vaccines and strengthen resilience to future pandemics in Africa.