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CEB to finance new hospital in Croatia

28 September 2018

PARIS – The Administrative Council of the Council of Europe Development Bank (CEB) approved today a € 50 million loan to the Croatian Bank for Reconstruction and Development (HBOR) to finance the construction of a new hospital in Rijeka. 

Rijeka clinical hospital (KBCRi) is one of the largest hospitals in the North-Western part of the country, serving some 600,000 patients and providing a teaching and scientific research base for the Medical Faculty of Rijeka, Croatia’s third largest city. A major programme involving the restructuring and relocation of KBCRi’s medical, administrative and teaching facilities is currently underway and expected to be completed by 2025.

The loan provided by the CEB will contribute to this broader programme by financing the construction of new premises for the Mother and Child Hospital covering a total of 44,000 sq.m as well as other facilities designed to serve the entire KBCRi upon completion of the relocation. The construction will take place on the Sušak site, where all services will be transferred. The new building will house general and specialised gynaecological units along with a wide range of paediatric specialties and various laboratories. 

In addition to enhancing the quality of Croatia’s health services as a whole, the CEB-financed project is expected to make a significant contribution to improving key hospital infrastructure in Rijeka, increasing the standards of public service and medical care, and improving the living conditions of the local population.

Governor Wenzel said: “Improving the quality of healthcare and facilitating access to it is absolutely crucial when it comes to strengthening social cohesion. This is why social investments in the health sector are a priority area for the CEB. This loan reaffirms our commitment to financing high social impact projects in this area, and we are delighted to be joining forces with CEB partner HBOR in this important endeavour.”

HBOR, Croatia’s development and export bank, was founded in 1992 and is mandated with financing projects contributing to the development of the Croatian economy. It maintains an excellent cooperation with the CEB in a range of sectors, including supporting job creation and preservation through the provision of financing to micro, small and medium-sized businesses.

Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook positive and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.

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