Nordic Investment Bank Funds Healthcare Transformation in Estonia

Hospital Room, Magdalena Outpatient Clinic

(IN BRIEF) Nordic Investment Bank (NIB) has played a significant role in revitalizing Estonia’s healthcare over the past 15 years, funding six hospital-related projects with a total investment of EUR 138 million. One of the recent projects includes a EUR 15 million loan for the East Tallinn Central Hospital, resulting in the construction of a state-of-the-art emergency medical center and the renovation of the Magdalena Outpatient Clinic. The upgraded facilities exhibit patient-centered design elements, boosting healthcare outcomes and creating an appealing work environment for medical professionals. Collaborative efforts, along with NIB’s financing, have also led to the inauguration of a new Children and ENT department at Tartu University Hospital Foundation, showcasing the country’s transformation into a modern, efficient, and patient-centric healthcare system.

(PRESS RELEASE) HELSINKI, 2-Aug-2023 — /EuropaWire/ — The Nordic Investment Bank (NIB), an international financial institution with focus on the Nordic and Baltic countries, has been a vital contributor to Estonia’s healthcare transformation for over the past 15 years, financing six hospital-related projects with a total investment of EUR 138 million. These funds have played a crucial role in elevating the standard of care and upgrading facilities, fostering a modern, efficient, and patient-centered healthcare system in the country.

One of NIB’s recent contributions was a twelve-year EUR 15 million loan to the East Tallinn Central Hospital, financing the construction of a new state-of-the-art emergency medical centre (EMC) and the renovation of the Magdalena Outpatient Clinic. The renovated facilities, opened to the public on 30 May, showcased patient-centered design elements, including private rooms and a rare addition – a rehabilitation swimming pool.

“There were three major changes in the hospital upgrade: the renovation of the emergency department, the introduction of new equipment, and the transformation of the outpatient clinic. All these improvements have enhanced the quality of service for both patients and doctors,” says Tarmo Bakler, Chairman of the Board of East Tallinn Central Hospital, whom we met at the clinic’s opening.

The impact of NIB’s financing was evident during the inauguration ceremony, where stakeholders and healthcare professionals expressed enthusiasm for the upgraded facilities. Doctors, nurses, and staff members welcomed the improvements, acknowledging the positive impact on healthcare outcomes and the creation of a desirable work environment that attracts and retains medical professionals.

“We’re happy that the Nordic Investment Bank, which was one of the banks we sought financing from, found good solutions to providing credit on terms that were in line with our needs,” comments Tarmo Bakler.

Moreover, NIB’s financing also played a key role in the inauguration of the new Children and ENT department at Tartu University Hospital Foundation in May. This modern surgery centre, equipped with state-of-the-art technology, demonstrates the power of collaborative efforts, leveraging modern technologies, and resource-sharing to advance Estonia’s healthcare system.

“The hospital’s multidisciplinary nature, new equipment, and renovated spaces create a favourable environment for departments to deliver quality healthcare services,” says Erekle Dzotsenidze,  head of the ear, nose and throat department at the East Tallinn Central Hospital.

Estonia’s healthcare sector has come a long way, transitioning from resource shortages and outdated facilities to a modern, efficient, and patient-centric system. NIB’s transformative investments, combined with collaborative partnerships, have acted as catalysts for continuous improvement and signify Estonia’s triumphant transformation beyond the Soviet era.

Media contact:

Jukka Ahonen
Head of Communications
+358 10 618 0295

SOURCE: Nordic Investment Bank