Luxembourg, 18/09/2007 (Agence Europe) - Last week, the European Investment Bank (EIB) awarded a loan of €55 million to finance the new Vital Álvarez Buylla hospital in Mieres (Principado de Asturias).
The project consists of the construction and equipping of a new general hospital designed to replace the existing facilities of the Álvarez Buylla hospital in Mieres as part of the integrated development plan of the 7th health area. The new hospital will be bigger and fitted with state-of-the-art equipment. It will provide a broader range of health services to the local populace and cater for a greater number of admissions, thereby reducing waiting lists. The increased efficiency of the new facilities, bringing services presently provided in three different buildings together on a single site, will also generate cost savings, the EIB points out. The new hospital will also eliminate two other major disadvantages of the existing buildings: inadequate security and poor access. The works are scheduled for completion in 2010. This new hospital investment, promoted by the Principado de Asturias, will be carried out and managed by GISPASA, a special purpose vehicle set up by the Principado de Asturias in 2004 to develop hospital infrastructure. The project is financially and contractually structured as a public-private partnership (PPP), ensuring greater cost transparency, market-based management and the proper maintenance of the facilities for the next 30 years (the term of the operating lease between the Principado de Asturias and GISPASA). The EIB long-term (28 years) low-interest loan will finance almost 50% of the total investment. (ol)