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Estonia: CEB provides financing for North Estonia Medical Centre project

22 November 2019

PARIS - The Council of Europe Development Bank (CEB) has approved a €25 million loan to the North Estonia Medical Centre (NEMC), the largest hospital in Estonia, to improve the quality of the psychiatric care services that it offers.

The funds provided by the CEB will finance the construction of a new, modern psychiatric facility, located on the medical campus of the NEMC, with all services concentrated in the same building and in close proximity of other NEMC clinics. Particular emphasis will be placed on energy efficiency and also on meeting the specific needs of psychiatric treatment in compliance with the highest European standards. 

The new facilities will enhance the quality of the care provided to a large number of patients, expected to reach an estimated 3,200 inpatients and 85,000 outpatients annually by 2025. The new state-of-the-art clinic will vastly improve working conditions for staff and might also incentivise the return to Estonia of psychiatric specialists who are currently living and working outside the country.

The Governor of the CEB, Mr Rolf Wenzel, said: “We are delighted to be strengthening our cooperation with Estonia, a CEB member since 1998, with a project that clearly demonstrates the CEB’s strong commitment to supporting   investments in public infrastructure. There is no doubt that quality, inclusive healthcare is vital for sustainable development and social cohesion and as such it constitutes a priority area of financing for the CEB.”

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 (AA+ with Fitch Ratings, outlook positive, AAA with Standard & Poor's, outlook stable and Aa1 with Moody's, 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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