The European Investment Bank (EIB) and Vitalia have signed a €90 million loan to finance new facilities like residential and outpatient care centres, mainly for the elderly, in seven Spanish regions. This agreement supports Spain's public dependency care framework. The financing is backed by the InvestEU programme, which aims to trigger more than €372 billion in additional investment over the period 2021-27.
The EIB-backed expansion plan of Vitalia runs until 2027 and includes the construction of twelve new residential care centres and four assisted-living apartment buildings for dependents, as well as three neurological rehabilitation hospitals. EU support will also be used for medical equipment in Vitalia's centres. The investments will take place in the regions of Andalusia, Aragón, the Basque Country, Cantabria, Catalonia, the Community of Madrid and the Region of Murcia.
The project will improve the availability of and access to care services throughout Spain, contributing to health and social objectives. It will help to address issues like population ageing and the the management of chronic diseases, adapting the current residential model to the challenges of today's society, with the levels of quality demanded by the new generations of dependent persons and their families. In addition, a significant part of the financing comes in the form of an EIB green loan to Vitalia, as the new buildings will be energy efficient, in line with the climate action and environmental sustainability objectives of the EU climate bank.
The operation falls under InvestEU's social investment and skills policy area and is in line with the EIB's public policy goal of innovation, digital and human capital, particularly concerning health policy objectives, as well as the Urban Agenda for the European Union. The project also contributes to developing 'An economy that works for people' and to the European Pillar of Social Rights Action Plan on social protection and inclusion.
Vitalia is a Spanish company currently employing around 4 600 people, 93% of whom are women. The 19 new centres will increase staff numbers, with new employment opportunities, mostly for women. This factor makes the operation stand out for its contribution to the creation and maintenance of employment and its alignment with the EIB Group lending strategy in support of projects that increase gender equality and women's economic empowerment.
European Commissioner for Economy, Paolo Gentiloni, said: "The InvestEU Programme is crucial in addressing EU challenges like the rapid ageing of the population. I am delighted that, thanks to this agreement, we will help to boost Spain's efforts in addressing this issue by creating new residential care centres, mainly for the elderly. This initiative will also contribute to the green transition, while promoting economic growth and job creation".
"Investing in healthcare and assisted housing is crucial for the well-being and quality of life of our elders, enabling them to receive higher quality services and improving their choice of care," said EIB Director of Operations for Spain and Portugal Gilles Badot at the signature ceremony in Zaragoza. "We are delighted to join forces again with Vitalia to support an InvestEU-backed project which will have a significant social impact in Spain, with the added value of providing sustainable infrastructure and promoting employment and territorial cohesion."
"We welcome the EU's support for our company's expansion plan, which will allow us to continue leading the new residential model in Spain. An expansion plan that we are now ready to reinforce with a firm commitment to neurorehabilitation for stroke and neuro-brain deterioration associated with the increasing age of the population," said Vitalia CEO Chema Cosculluela. "This project demonstrates Vitalia's commitment to build LEED-certified green buildings to improve the quality of life of users, minimising energy and water consumption and contributing to the fight against climate change."
Background information
InvestEU
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union's policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and thus mobilising at least €372 billion in additional investment.
EIB
The European Investment Bank (ElB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures of over €9.9 billion for Spain in 2022, including record financing for climate action and environmental sustainability projects.
Vitalia
Vitalia is a leading company in geriatric services in Spain. It has extensive experience, a multidisciplinary team of professionals and an innovative care model. It has the most advanced technologies and therapies for the neurorehabilitation of people who have suffered trauma or the consequences of a stroke or acquired brain damage.
Vitalia is made up of 70 centres, 5,500 professionals and 9,700 care places, which demonstrate more than 25 years of experience in the design, creation and management of centers and services to care for people who, due to lack or loss of physical autonomy, psychic or intellectual, need assistance and help to carry out the activities of daily life.
