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EIB agrees record €200m support for investment in 71 Irish schools

20161017EIB

Pictured are Conor O’Kelly, NTMA, Chief Executive, Education Minister Richard Bruton and Vice-President of the European Investment Bank,  Andrew Mc Dowell

Education Minister Richard Bruton and the Vice-President of the European Investment Bank, Mr. Andrew Mc Dowell, today signed a long term loan agreement which will allow the Department of Education to draw down €200m in European Investment Bank funding.

This €200 million long-term loan will help deliver the Department of Education’s School Building Programme which was announced in September 2015. It will support the construction, enlargement and modernisation of 71 schools over the next 4 years as well as delivering improved energy saving measures to these schools.

Minister Bruton said:

You can’t achieve a prosperous economy without a fair society, and you can’t support a compassionate society without a strong economy. Investment in education is a prime way to grow our society and economy together. Investing in educating improves human capital, ensuring that all our people have opportunities to achieve their potential, as well as generating wider benefits for our economy. The decision of the EIB to make available a further €200 million loan to support the Government’s Capital Investment Programme is continued evidence of the Bank’s commitment to large scale school projects, and provides my Department with a cost-effective mechanism for delivery of part of the school building programme.

Andrew McDowell, European Investment Bank Vice President said:

Investment in Irish schools is investment in Ireland’s future. The European Investment Bank is committed to supporting crucial investment across Ireland and this record new scheme will benefit thousands of school students, teachers and construction workers across the country. This new support builds on the EIB’s strong track record of enabling investment at schools and universities to continue during a time of constrained public investment. 

The loan will be used by the Department of Education and Skills in the financing of construction and renovation works on 71 large scale school building projects which will benefit some 44 thousand students across the country.

Over the last 5 years the European Investment Bank has provided more than €3.6 billion for new investment to improve transport, education, rural internet and flood protection across Ireland, as well as enhancing access to finance by small business.

Click here for the list of schools which are benefiting from this loan agreement.