European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "Innovative social infrastructure projects, such as this new teaching hospital in Birmingham, are one of the key objectives of the Investment Plan for Europe. I'm extremely pleased that with a small amount of backing from the EU budget, the residents of Birmingham will benefit from improved healthcare and shorter waiting times."
Work on the Midland Metropolitan Hospital is expected to start in 2016. Once open in three years’ time, the hospital, costing £350m, will provide state of the art acute healthcare for 530,000 people living in Sandwell and West Birmingham. It will include one of the largest accident and emergency departments in Europe, expected to treat more than 140,000 patients a year.
In the last decade the EIB has provided more than £2 billion for investment in new UK hospitals at Papworth, Alder Hey and Royal Liverpool, Southmead, Dumfries and Galloway, North Staffordshire, Manchester and the Royal Hospital for Sick Children in Edinburgh.
The EIB is also supporting redevelopment of the campuses at Birmingham and Aston Universities, as well as crucial investment in the regional water network by Severn Trent with the largest ever loan to the UK water sector earlier this year.
The EIB is the long-term lending institution of the EU owned by its member states. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.