The Nordic Investment Bank (NIB) and Wellbeing Services County (WSC) of Finland's North Savo region have agreed a €100m ($108.7m) credit facility to finance healthcare services in North Savo.

The 20-year loan will fund the renovation and construction of hospital buildings in Kuopio, focusing on modernising existing facilities to align with contemporary healthcare requirements.

It is the second financial collaboration between the NIB and North Savo WSC.

The North Savo WSC will use the loan facility to finance upgrades and other construction works at the Uusi Sydän Central Hospital, as well as consolidate ward operations at the central hospital in Kuopio and build a psychiatric hospital.

Established in 2022 as part of Finland's Social, Healthcare and Rescue services reform, the North Savo WSC manages social, healthcare and rescue services in the region.

It employs around 12,800 colleagues across 19 municipalities, serving a population of nearly 248,000.

The NIB said the investments were intended to enhance infrastructure, optimise operations and increase efficiency within the North Savo healthcare system.

These improvements are expected to increase service capacity and reduce waiting times for patients in North Savo, whose population has an ageing demographic.

NIB president and CEO André Küüsvek said: “Investments in healthcare services are crucial for higher service capacity, more efficient operations, and better infrastructure.

“Moreover, NIB can support the recently established Wellbeing Services County with stable long-term financing and diversification of its funding sources.”

NIB is owned by eight member countries, namely Finland, Denmark, Iceland, Estonia, Lithuania, Norway, Sweden, and Latvia.

It supports both private and public sector projects within and beyond its member states.