The European Investment Bank (EIB) will provide financing of EUR 250 million for the construction of a regional hospital in Romania's third-biggest city Iasi. The project's total cost is estimated at EUR 421 mln.

The new hospital, with 850 beds, will replace the current 260-year-old Sfantul Spiridon County Emergency Hospital. It will also improve the teaching and research activity at the Grigore Popa University of Medicine and Pharmacy in Iasi.

According to the financing agreement, the loan granted by the EIB represents about 59.4% of the net cost related to the objective, and the authorities will cover the difference (EUR 170.9 million, 40.6%) plus the taxes related to the project from non-reimbursable funds and the state budget.

In the coming months, EIB could approve other investments in Romanian hospitals. The EIB is currently appraising possible financing for two other regional hospitals in Romania, in Cluj-Napoca 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 programs, including the European Investment Advisory Hub, JASPERS, and PASSA. The advisory support included the development of feasibility studies, advice on project implementation, and the optimal use of EU funds.

andrei@romania-insider.com

(Photo source: Sudok1/Dreamstime.com)