ADB invests in elderly care services in China
BEIJING - The Asian Development Bank (ADB) said Monday it has approved a loan to pilot delivery of elderly care services in Yichang city in Central China's Hubei province.
The ADB program will help the city provide residential, community and home-based elderly care services through public-private partnerships (PPP).
The total cost of the project is $128.4 million, with the Yichang municipal government contributing $55 million and the private sector expected to invest the remaining $23.4 million.
In Yichang city, 20 percent of residents are over 60 years of age, among the highest in a country where the national average is 14 percent, according to an ADB statement.
"Yet, elderly care facilities and services available there remain inadequate," said Sofia Shakil, the ADB project team leader.
The elderly care facilities in the city currently have relatively poor standards, with many ill-equipped in terms of staff and basic care, said the bank.
The project is expected to be completed by the end of 2022.