Portuguese senior care system set to receive a large boost in crisis times
Thanks to a large investment programme – half of which financed by the EIB
- Dienstag, 27. Oktober 2020, 18:30 Uhr
- Tzvetozar Vincent Iolov
Elderly people have suffered the most in the ongoing, and worsening, Covid-19 pandemic. Especially hard-hit have been nursing homes and places where seniors receive long-term care. That is why the announcement by the European Investment Bank (EIB) that it is going to inject 200 million euros under the form of loans to financial institutions in Portugal to be used for upgrading the elderly care infrastructure comes at what seems to be the right time.
This is a boost for associations engaged in the local social economy
The overall investment into this large-scale initiative is estimated to be 400 million euros, the other half of which will be provided by the Portuguese Financial Institute of Development (IFD). The funds will be allocated among 150 projects all over the country and will involve actors from the so-called ‘third sector’, that is non-profits working in the social economy.
“This initiative is the latest outcome of the close relationship between the IFD and the EIB Group. It will be developed in partnership with third-sector entities and play a decisive role in compensating for the market failure resulting from the very long maturity of these projects and their strong dependence on public investment and support,” said Henrique Cruz, the CEO of IFD.
Furthermore, he stated: “This market failure is particularly acute in times of COVID with the need to expand capacity and improve the quality of elderly care services in Portugal. The IFD has received strong signs of interest from financial intermediaries in allocating these funds”.
The Iberian country is considered to be rightfully in need of such an upgrade, given that it has one of the highest percentages of unhealthy seniors as well as one of the highest aging indices on the continent.
This, combined with the outdated facilities for long-term care, which often means that seniors have to be cared for in hospital settings, overburdening the sanitary system in the process, could turn out to be a perfect disaster recipe in the context of a pandemic.
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