VAASA CENTRAL HOSPITAL

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.

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.

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.

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