The European Investment Bank (EIB) has agreed to provide £107m to build the new Midland Metropolitan Hospital in Birmingham, UK.
The hospital scheme reached a financial close following a deal between the Sandwell and West Birmingham NHS Trust and developers Carillion.
The £340m facility will feature 670 beds and 15 operating theatres, in addition to a new public park. It is claimed to be the first hospital to be supported by the new European Fund for Strategic Investments (EFSI).
Once operational, the facility is expected to provide services to 530,000 people in the Sandwell and west Birmingham regions.
Expected to treat 140,000 patients per year, the new accident and emergency department will replace emergency care facilities at City Hospital and Sandwell.
EIB vice-president Jonathan Taylor said: "Investment in new hospitals is essential to ensure that patients benefit from access to world-class treatment and facilities.
"As part of our commitment to improve healthcare and social infrastructure across the UK, the European Investment Bank is pleased to provide £107m for the new Midland Metropolitan Hospital."
Sandwell and West Birmingham Hospitals NHS Trust chairman Richard Samuda said: "Today we have signed the contract to build and deliver the Midland Met by October 2018 with ‘The Hospital Company’, a Carillion joint venture."
Construction on the new facility is expected to begin in 2016. The new hospital in Grove Lane of Smethwick will bring together all acute services on one site to offer modern treatment and care for patients from Sandwell and across the region.
Image: EIB to provide £107m for the new Midland Metropolitan Hospital in Birmingham. Photo: courtesy of EIB.