An investment allocation of EUR 400 million in Portugal’s senior care infrastructure has secured an investment of two hundred million euros from the European Investment Bank (EI).
The investment will come with some 150 national projects aimed at modernizing the long-term and senior care infrastructure in Portugal, adding programmes for others with disabilities.
The loan, payable at the Development Office (IFD) of the Portuguese government’s Financeira Institute, will be matched through the IFD and sent to external entities that already cater to the elderly in Portugal.
Monetary intermediaries shall be decided as part of a tender implemented through the IFD and shall comply with the amount borrowed through the EI, which will make a total of EUR 400 million for the investment programme.
Portugal is estimated to have one of the percentages in Europe of the elderly and others with poor physical condition over 65 years and one of the ageing rates, with 153. 2% achieved in 2017.
This transaction will allow third-party sector entities, such as miseric-ridias and the Specific Institutes Solidariedade Social (IPSS), to expand an investment program in the sector.
The goal is to increase existing availability as existing services are replaced and, in many cases, cannot meet existing needs. As a result, the Portuguese government is required to provide ongoing hospital care, hitting the national fitness service under much greater pressure. or families are forced to hire occasional caregivers without the required training.
Henrique Cruz, CEO of IFD, said: “This initiative is the most recent result of the close relationship between IFD and the EI Group. It will develop in partnership with third-party sector entities and play a key role in offseting the very long adult market failure of these projects and their great reliance on public investment and support.
“This market failure is acute in COVID times with the desire to expand the capacity and quality of elderly care facilities in Portugal. The IFD has gained strong symptoms of interest from monetary intermediaries in allocating these funds. “
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