European Investment Bank to Fund Britain's Largest A&E Hospital
In Birmingham emergency services are split between two hospitals. To solve this problem, a new £350 million hospital is being built to focus on acute medicine. The 669-bed Midland Metropolitan will be Britain's biggest Accident and Emergency facility. The European Investment Bank is providing £120 million of the cost from the European Fund for Strategic Investments, a programme funded by the EU.
Funding under the "traditional" PPI route wasn't easily available due to changes imposed by the UK government related to the performance criteria within the contract. The EIB therefore stepped in.