European Investment Bank agrees to provide £46m for the new 310-bed Papworth Hospital
The European Investment Bank (EIB) has agreed to provide £46m in funding for the new 310-bed Papworth Hospital to be constructed on the Cambridge Biomedical Campus next to Addenbrooke's Hospital.
The 31-year loan from Europe’s long-term lending institution for the new facility marks the third new hospital to be supported by the EIB in UK this year following confirmation of support for the new Royal Hospital for Sick Children in Edinburgh and the Dumfries and Galloway Royal Infirmary.
“The European Investment Bank is committed to supporting long-term investment that improves lives in the UK and recognises that investment in new hospitals is essential for high-quality healthcare and continued research into new medical treatment,” said Jonathan Taylor, EIB vice president.
“We are pleased to support investment in the new Papworth Hospital, which will benefit patients from across the country and support research of international importance. Moving Papworth to the new site will improve collaboration on the Cambridge Biomedical Campus and strengthen a wide range of specialist medical research.”
The new Papworth Hospital will provide inpatient, day case, and critical care service and almost all inpatient rooms will be single bedroom accommodation with en-suite facilities that will significantly increase both patient privacy and flexibility.
“We want the NHS to be a world-leading health service and that includes building and maintaining state-of-the-art infrastructure like the new hospital at Papworth,” said Health Minister Lord Howe.
“This important investment contribution from the European Investment Bank means that contracts can be signed and construction can begin. Many patients are already benefiting from the role the European Investment Bank has played in important hospital building schemes, such as Alder Hey Children’s Hospital in Liverpool and the new Southmead Hospital in Bristol.”
Papworth Hospital is the largest provider of cardiothoracic healthcare in the UK, and a leading global centre for development of new heart and lung disease diagnosis and treatment. Already the majority of clinicians at the hospital participate in research and the new hospital will build on this to benefit from stronger collaborative links and the development of new research programmes with the University of Cambridge, the Medical Research Council, and Addenbrooke’s Hospital.
The new hospital will be funded from Private Finance Initiative (PFI) funding and public sector funding.