President Klaus Iohannis, on Wednesday (December 8), promulgated the Law for the approval of the Financing Contract for the Iaşi Regional Emergency Hospital, between Romania and the European Investment Bank (EIB), Agerpres reported.

The loan, for a period of 27 years, is worth EUR 250 mln. The project's total cost is estimated at EUR 421 mln.

The new, seven-storey hospital will provide both hospital services and outpatient care and is expected to be operational in 2027.

The new hospital, with 850 beds, will replace the current 260-year-old Sfantul Spiridon County Emergency Hospital.

It will also improve the teaching and research activity at the Grigore Popa University of Medicine and Pharmacy in Iasi.

According to the financing agreement, the loan granted by the EIB represents about 59.4% of the net cost related to the objective, and the authorities will cover the difference (EUR 170.9 million, 40.6%) plus the taxes related to the project from non-reimbursable funds and the state budget.

The financing agreement between Romania and the EIB for this purpose was signed on April 20, in Bucharest and Luxembourg.

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andrei@romania-insider.com