OBJECTIVES: To work out the cost-benefit analysis (CBA) of the infrastructural development major project of Jósa András Teaching Hospital (Nyíregyháza, Hungary) funded by EU grants. Two supported projects (complex hospital development and an integratedemergency care unit) were merged and had to be revised according to the major project requirements because of the recent significant cost increases. At the end of 2014 the  project in value of 56.15 million EUR was submitted to the European Commission. METHODS: The CBA was based on the guidelines outlined in the EU Regional Policy and concerning Working Document. A 25-year time horizon was determined . 5% financial and 5.5% social discount rate were applied, as recommended in the guidelines. Analyses were conducted using the incremental method considering Business as usual and Project scenario. To express the monetary value of socio-economic benefits we applied the willingness-to-pay method. The value of 24,772 EUR was used as an average value of human life year based on the published data (EuroVaq) regarding the Hungarian population. Aggregating socio-economic benefits, we considered the monetized values of the following health gains: reduction in the 30-day AMI death rate, in county cancer deaths, in infant mortality, in the number of registered people with permanent disabilities, in lost income and health gain attainable through improving the quality of care. RESULTS: Financial net present value (-50.6 million EUR), economic net present value (27.3 million EUR), financial rate of return (-8.15%), economic rate of return (9.44%) and cost-benefit ratio (1.62) were calculated as results of CBA. CONCLUSIONS: The CBA reflected the fact that health care investments in the public sector are not directly financially recovered for the owner, but - considering the broader socio-economic effects - the project meets the requirement that the level of socio-economic benefits are higher than the socio-economic costs.