ICF ELDERLY AND VULNERABLE CARE RESIDENCES

Promoter – Financial Intermediary

GENERALITAT DE CATALUNYA

Location

• Spain

Description

Through Institut Català de Finances (ICF), a public financial institution acting as the promotional bank of Generalitat de Catalunya, the project will support private and public service providers implementing a number of residences and day care centres for elderly and vulnerable groups in the region.

Additionality and Impact

The proposed operation is in line with the financing objective under the relevant InvestEU Regulation's ANNEX II Eligible Area, notably Social Investments, including those supporting the implementation of the European Pillar of Social Rights.

 

The Project tackles the shortage in Spain, and especially in the Catalonia region of assisted living solutions of ageing and aged population by adding to the existing network. Nearly 19,000 new residential places will be provided to elderly and disabled people who need residence with different degrees of care services. As part of the concept, the Project will also provide day care services and activities for a larger segment of the elderly population.

 

The Project is well embedded in the public regional social and healthcare plans, and it specifically aligns with the aim of improving the elderly quality of life, containing own capabilities deterioration, and maintaining physical and mental autonomy. Wide economic benefits are thus expected in terms of general health and social well-being for the entire population, the elderly, their families, and caretakers.

 

The financing proposed offers features such as revisable rates and longer grace periods and tenors than available in the market at present. These features improve the affordability of the Project.

Objectives

The aim is to promote the construction and rehabilitation of residential centres providing social services in Catalonia.

Sector(s)

• Health - Human health and social work activities

Proposed EIB finance (Approximate amount)

EUR 150 million

Total cost (Approximate amount)

EUR 400 million

Environmental aspects

The EIB financing will support the construction of a number of elderly care centres, following the country Nearly Zero Energy Building (NZEB) regulation, in line with the EU Directive on Energy Performance of Buildings (2010/31/EU). As such, this project will have a positive impact on the achievement of Spain's national energy efficiency targets. Care facilities of this kind are not specifically mentioned in the Environmental Impact Assessment (EIA) Directive 2011/92/EU (amended by Directive 2014/52/EU), though the project is covered by Annex II of the Directive in relation to urban development. The competent authority will have to determine whether the project is subject to a full EIA procedure according to the EIA Directives mentioned above. Further details on the screening decision, the environmental permitting status, the proximity and potential impact of each subproject to natural conservation areas, according to the Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively), and on other aspects of the environmental impact assessment will be verified during the appraisal.

Procurement

The promoter has to ensure that contracts for implementation of the project will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/23/EU or 2014/24/EU as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Status

Signed - 9/05/2025