The European Investment Bank (EIB) has agreed to provide GBP 46 million (US$ 60.22 million) for the new 310 bed Papworth Hospital to be constructed on the Cambridge Biomedical Campus next to Addenbrooke's Hospital. The 31 year loan from Europe’s long-term lending institution for the new Papworth Hospital is the third new hospital to be supported by the EIB in UK this year following confirmation of support for the new Royal Hospital for Sick Children in Edinburgh and the Dumfries and Galloway Royal Infirmary.

Papworth Hospital is the largest providers of cardiothoracic healthcare in the UK and a leading global centre for development of new heart and lung disease diagnosis and treatment. Already a majority of clinicians at Papworth participate in research and the new hospital will build on this research focus to benefit from stronger collaborative links and development of new research programmes with the University of Cambridge, the Medical Research Council and Addenbrooke’s Hospital.

The new Papworth Hospital will have 310 beds providing combining inpatient, day case and critical care and almost all inpatient rooms will be single bedroom accommodation with en-suite facilities that will significantly increase both patient privacy and flexibility.

Construction of the new Papworth Hospital on the Cambridge Biomedical Campus will make a significant contribution to strengthening Cambridge’s role as a world class centre for clinical and biomedical science. The new purpose built buildings with have state of the art healthcare facilities. Papworth Hospital, working in collaboration with Addenbrooke’s Hospital, will ensure that patients will receive a full range of specialist services on one site.

Design of the new hospital will allow patients to benefit from calm and peaceful landscaped environment. Visitors will find access easier as the new hospital will be located on the Cambridge Guided Busway and will benefit from a recently opened direct road link to the M11, whereas the existing Papworth Everard site is set in a rural location with limited public transport. A new multi-story car park will also be built for staff and visitors.

The new hospital will be funded from Private Finance Initiative (PFI) funding and public sector funding. PFI provides a way of funding public buildings such as hospitals and schools by attracting private investment and therefore avoiding the need for public funds for capital expenditure. A group of private firms including architects and construction companies are contracted to design, build and maintain the building over the lifetime of the contract - typically 30 years.

Across the UK the EIB has recently supported significant investment at the new Royal Hospital for Sick Children in Edinburgh, Royal Liverpool and Alder Hey hospitals, Southmead hospital in Bristol and the Royal Stoke University Hospital. Future financing of development at the new Midland Metropolitan hospital in the West Midlands is currently being examined and expected to be confirmed in the coming months.