World Bank to Support Aged Care Project in Anhui

Stocks and Financial Services Press Releases Wednesday June 20, 2018 09:00
WASHINGTON--20 Jun--World Bank

WASHINGTON, June 19, 2018—The World Bank's Board of Executive Directors approved a US$118 million loan today to support China's Anhui Province in developing and managing a diversified, three-tiered aged care service delivery system for the elderly, particularly those with limited functional ability. The Anhui Aged Care System Demonstration Project is the first World Bank-supported project globally to focus exclusively on developing a services system for elderly care.

Population ageing is occurring rapidly in China, with people aged 65 and older expected to comprise about 26 percent of the total population by 2050. The population who are over 80 years old has been increasing even faster. Traditionally, elderly care has been provided by family members. However, with demographic and socioeconomic changes, families alone may not be able to continue shouldering the burdens of elderly care. At the national level, the government has laid out a vision for a three-tiered aged care system with home-based care as its bedrock, supported by community-based care and supplemented by institutional care.

Similar to the rest of China, Anhui faces challenges in meeting the care needs of its elderly population, totaling some 6.9 million people over age 65, including about 1.3 million with limited functional ability and requiring help with daily activities. Today, most elderly care services in Anhui are supplied informally, by family members or relatives. Formal home-based care and community care are still largely underdeveloped.

"The project will help address the challenges facing China and Anhui's aged care system, and contribute to the development of a well-functioning market for elderly care services, where individuals can find services that meet their needs, preferences and resource constraints," said Elena Glinskaya, World Bank Human Development Program Leader for China and leader of the project, "The project will enable the piloting of innovative approaches identified in our analytical work, which may allow China to leapfrog the experience of many advanced economies in developing elderly care systems."

The project's activities include supporting efforts to develop a unified information system that will serve the government, the private providers and the consumers; improving the government institutions responsible for assessing the functional ability of the elderly; and strengthening quality standards and human resource training to improve efficiency, quality of provision, and consumer satisfaction. In municipalities Anqing and Lu'an, the project will finance community-based service stations that will provide daycare and overnight care for the elderly in their communities, and purchase of basic aged care services from private providers for elderly in need. Another area for support will be for the development of skilled nursing care facilities attached to urban public hospitals, as well as those in urban and rural welfare homes.

The total project cost is US$197.84 million, with US$118 million from World Bank financing and US$79.84 million from the government. The project design was informed by a World Bank report "Options for Aged Care: Building an Efficient and Sustainable Aged Care System in China", and drew on the Bank's experience working on projects that strengthen service delivery systems around the world.


Latest Press Release

Fitch Affirms Standard Chartered Bank (Thai) at #A-#; Outlook Stable

Fitch Ratings has affirmed Standard Chartered Bank (Thai) Public Company Limited's (SCBT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'A-' with a Stable Outlook. At the same time, the agency has affirmed SCBT's National...

Photo Release: KBank recognized as having the highest corporate brand value in the banking business category 2nd consecutive year

At Sukree Kaewcharoen Auditorium, the Stock Exchange of Thailand (SET), Ms. Kattiya Indaravijaya, KBank President, recently represented KBank to receive the "Thailand's Top Corporate Brand Values 2018" award in the banking business category from...

MicroBitcoin Open Source Community เซ็นสัญญากับสมาพันธ์แรงงานในเกาหลี เปิดโอกาสให้แรงงาน 1.5 ล้านคนได้ใช้เงินดิจิทัล

MicroBitcoin Open Source Community เซ็นสัญญากับสมาพันธ์แรงงาน Korea Association of Care Workers (KACW) เพื่อนำสกุลเงินดิจิทัล MicroBitcoin มาใช้ สัญญานี้ลงนามร่วมกันสามฝ่าย ได้แก่ MicroBitcoin Open Source Community, KACW และ Bluequotient...

MicroBitcoin Open Source Community Signs an Exclusive Contract with the Korea Association of Care Workers (KACW) to Expand its Usability to One and a Half Million Users

The MicroBitcoin Open Source Community has signed a contract with Korea Association of Care Workers (KACW) to adapt the MicroBitcoin blockchain network protocol. The trilateral contract was made between the MicroBitcoin Open Source Community, the Korea...

WICE establishes a joint-venture, EUROASIA TOTAL LOGISTICS, with its holding 40% of shares to provide cross-border transport services between China, Hong Kong

WICE establishes a joint-venture, "EUROASIA TOTAL LOGISTICS", with its holding 40% of shares to provide cross-border transport services between China, Hong Kong, and South East Asia with the expectation to achieve the first year's revenue at 200 million...

Related Topics