Senior Care Fund

The Asian Development Bank (ADB) said on December 14 that it has approved a $150-million loan to help develop a comprehensive elderly care system in Yichang in central China’s Hubei Province.

“The project in Yichang will serve as a model for a comprehensive senior care system in the country and help promote the provision of suitable care for older people with nice facilities and efficient services,” said ADB senior social sector specialist Hiroko Uchimura-shiroishi.

The Manila-based bank said China has the largest elderly population in the world and the growing demand for senior care far outpaces existing services.

“Developing a suitable and efficient long-term elderly care system is a huge challenge many municipalities in the country are facing,” the multilateral lending bank said.

To address these problems, the ADB said the project will improve home-based and community-based care services and facilities, including for those suffering from dementia, build a geriatric hospital and nursing home, and help develop a management scheme to ensure proper services and monitoring.