HALIFAX — Nova Scotia will borrow up to $1.8 billion to fund previously announced long-term care projects over the next few years.
The provincial government says in a statement the loans will finance the construction or renovation of 24 long-term care homes in the Halifax area.
The province announced in late February that it planned to create or improve more than 2,800 long-term care beds across the province over the next few years.
A spokesperson for the province says the $1.8 billion will likely be borrowed from the Canadian market, adding that the government had access to the American market as well.
The province says there were about 1,950 Nova Scotians waiting for long-term care spots as of April 20 and that nearly 300 of those people were waiting in hospital.
Nova Scotia has the third highest percentage of residents over the age of 65 in the country, with more than 21 per cent of Nova Scotians in that age group.
This report by The Canadian Press was first published May 11, 2022.
This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.
The Canadian Press
Note to readers: This is a corrected story. A previous version included incorrect information from the provincial government that the province would renovate or construct 27 care homes. The correct number is 24.