Madrid receives 600 million euros from the EIB to tackle the healthcare emergency

It will serve to adapt hospitals to the increased pressure caused by Covid-19

The Region of Madrid will be receiving a 600-million euros loan from the European Investment Bank (EIB) to tackle the healthcare crisis, caused by Covid-19, informed the European institution on Thursday. The amount will be given at preferential terms and should help the authorities of the autonomous region to adapt the health facilities and cover the increased costs incurred with connection to the pandemic.

European support to Madrid during the coronavirus emergency

The EIB funding should enable the process of adaptation of hospitals and other health centres to continue, so as to increase the capacity of their primary care facilities, intensive care units and emergency services. The money will also cover the extraordinary operating expenditure caused by the pandemic and should back the availability of medical supplies and payment of additional salary costs stemming from the increase in healthcare staff.

Finally, the EIB funding will also enable the Madrid Region to acquire more personal protective equipment and additional resources to diagnose and treat the disease. Last but not least, some amount will be used to boost the COVID-19 research carried out by local teams.

The agreement concluded by the Spanish region and the EU bank might prove essential in the fight against the new coronavirus, as Madrid is among the hardest-hit regions of Europe. As the Region’s Economy Minister, Javier Fernández-Lasquetty explained, “The Madrid Region is facing the worst health crisis in its history, and this requires an extraordinary budgetary effort as it is the autonomous regions that are waging this battle in the hospitals: to fight COVID-19 together, we need to be backed up by financial support”.

On behalf of the bank, EIB Vice-President Emma Navarro underlined that her institution is one of the key instruments in Europe’s response to COVID-19. Recently, the EU bank has been giving priority to investments relating to the health sector and R&D programmes focused on limiting the spread of the virus and finding a cure and developing a vaccine.