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Signature(s)

Amount
€ 72,500,000
Countries
Sector(s)
Finland : € 72,500,000
Health : € 72,500,000
Signature date(s)
15/09/2021 : € 72,500,000
Link to source

Summary sheet

Release date
2 March 2021
Status
Reference
Signed | 15/09/2021
20200203
Project name
Promoter - financial intermediary
VAASA CENTRAL HOSPITAL
VASA SJUKVAARDSDISTRIKT SAMKOMMUN-VAASAN SAIRAANHOITOPIIRIN KUNTAYHTYMAE
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 72 million
EUR 150 million
Location
Sector(s)
  • Health - Human health and social work activities
Description
Objectives

Extension of the central hospital in Vaasa to consolidate all services on one integrated site.

Benefits are expected to arise from the project's contribution to the overall health strategy of the region through appropriately configured infrastructure and organisation of care. The investment will in fact allow for better service delivery and the introduction of up-to-date technologies to improve efficiency and effectiveness in order to respond to the evolving demographic and epidemiological needs of an aging population. The soundness and quality of the underlying project, including its financial affordability and wider impacts on the community, will be examined and confirmed during appraisal.

Additionality and Impact

This project addresses the sub-optimal investment situation in the European health infrastructure due to market failures originating from the public goods nature of hospitals and other healthcare facilities and the large health externalities they generate. The project generates benefits through the provision of improved hospital, outpatient care and long-term care services and the reduction of energy consumption. By providing integrated and efficient healthcare services of higher quality, the project aims to respond to the changing needs of an ageing population, hit by the COVID-19 crisis, and to developments in healthcare practices.
The operation will ensure that the borrower has sufficient financial resources for the timely implementation of the project; it will allow the promoter to spread out its investments and ensure that the tenor of the loan aligns with the economic life of the asset being financed. In addition, contribution is tied to the flexibility of the draw-down profile facilitated by the favourable availability period.

Environmental aspects
Procurement

Hospitals are not specifically mentioned in the EIA Directive 2014/52/EU amending the Directive 2011/92/EU, though the project is covered by Annex II of the Directive in relation to urban development. The Bank's services will verify during appraisal the screening decision of the competent authority. It is expected that the project will bear wider benefits to the community as healthcare is an element of social cohesion and economic development.

The Bank will require the Promoter to ensure that contracts for the implementation of the project shall be tendered in accordance with the relevant applicable EU procurement legislation (Directives 2014/24/EU and/or 2014/25/EU and/or 2014/23/EU as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.

Comments

N/A

Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - VAASA CENTRAL HOSPITAL
Publication Date
6 Jul 2021
Document language
Main Topic
Lending
Document Number
137353070
Document Focus
Environmental Information
Project Number
20200203
Sector(s)
Regions
Countries
Publicly available
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