The European Investment Bank has granted a EUR 75 million loan to the Instituto de Finanzas de Cantabria (ICAF) for financing investment in education in the region. The finance contract was signed today in a ceremony hosted by the Vice-President of the Government of Cantabria, Dolores Gorostiaga Saiz, EIB Vice-President Carlos da Silva Costa, and the Region’s Finance Minister and Chairman of ICAF, Ángel Agudo San Emeterio.

At the signing ceremony, the EIB Vice-President underlined “the importance of human capital investment as a catalyst of the region’s economic, intellectual and social development. This strategy is fully in line with the EU and EIB objectives of moving towards a knowledge economy and generating high value added, two key elements of high-calibre growth.” He also stressed the “importance of keeping open a building of such historical and cultural significance as the Comillas Ponitifical University”.

The loan will finance:

• The refurbishment of three buildings in the former Comillas Ponitifical University, two of which will house a research and teaching centre for Spanish language and culture and the other will be home to the only United World College in Spain. United World Colleges International promotes understanding between nations through education. When it is fully up and running, the Comillas College will enrol some 350 students a year, a third of which will be Spanish.
• The construction of a music school under the auspices of the Albeniz Foundation, including a students’ hall of residence.
• The construction of two infants and primary schools in Santander and Reocín, and the enlargement of three secondary schools in Santander, San Vicente de la Barquera and Viérnoles.

The project forms part of the Cantabria Region’s economic plan, whose priorities include human capital investment, the promotion of tourism, and the conservation of cultural and historical heritage. Cantabria attaches great importance to hosting the headquarters of these cultural institutions.

The EIB is the European Union’s long-term financing institution promoting EU objectives. Founded in 1958, it operates in the 27 EU Member States and more than 130 other countries around the globe. Its financing operations are mounted in the framework of well-defined EU policies. Priority targets of EIB support include investment fostering human capital formation, such as education and training projects.