Ireland: EIB to provide EUR 100m for investment in school building projects
- Release date: 31 July 2013
- Reference: 2013-122-EN
School building projects across Ireland will benefit from a new EUR 100 million long-term loan from the European Investment Bank formally agreed in Dublin today. Under the initiative Europe’s long-term lending institution will help finance the Irish Government’s school capital investment programme to build new schools and extend/refurbish others over the next three years.
The current initiative will include a total of 49 large scale school projects consisting of 34 primary schools and 15 second level schools. The overall project will be managed and implemented by the Department of Education and Skills which has determined the most suitable schools to benefit from the European Investment Bank backed investment scheme. The lending programme represents the fourth significant engagement by the European Investment Bank to support long-term investment in Irish schools in the last three years, representing nearly EUR 400 million.
The 25 year loan for the Irish Schools Investment Programme was signed in Dublin today by Ruairí Quinn, TD, Minister of Education and Skills, Jonathan Taylor, European Investment Bank Vice-President responsible for Ireland and John Corrigan, CEO of the National Treasury Management Agency.
“The latest funding for Irish schools to be provided by the EIB will provide additional school places and improve education facilities across the country. This long-term engagement by the EIB provides a cost-effective way to pay for much needed investment and further demonstrates the EIB’s confidence in Ireland and the economic recovery programme.” said Ruairí Quinn, TD, Minister of Education and Skills.
“Investment in education is essential to help Europe’s children gain skills necessary for the future. The European Investment Bank is pleased to support investment in Irish education that will directly benefit around 25,000 pupils and improve learning facilities where most needed. The EIB’s continued close cooperation with the Department of Education and Skills has helped both the construction sector and schools during challenging times.” said Jonathan Taylor, European Investment Bank Vice President responsible for Ireland.
Schools across Ireland will benefit from the initiative that includes investment in counties Cork, Dublin, Galway, Kildare, Kilkenny, Laois, Limerick, Louth, Meath, Monaghan, Offaly, Westmeath, Wexford and Wicklow. Some 11 of the schools to benefit from this investment are located in convergence regions.
The borrower for the European Investment Bank loan is the National Treasury Management Agency, which is responsible for borrowing on behalf of the Irish Government. The Department of Education and Skills is responsible for project implementation. The National Development Finance Agency will advise on certain aspects of the programme.
Over the last three years the European Investment Bank has provided nearly EUR 400 million for long-term investment in Irish schools and universities. This includes EUR 150 million last year for schools, by way of direct lending and for the first PPP education project in many years, and EUR 90m for University College Dublin in 2011.
During 2012, the European Investment Bank provided nearly EUR 505 million in long-term low-cost loans for key investment in projects across Ireland. This included financial support for investment in education, renewable energy and the water sector, as well as dedicated lending for small business investment in cooperation with leading banks active in the country. Lending in 2012 was greater than the EUR 475 million provided in 2011.
Overview of schools to benefit from this initiative
The Department of Education and Skills is responsible for the selection of individual schools to be included in the expansion and modernisation programme. The following schools are expected to benefit from the initiative:
Gaelscoil An Ghort Alainn, Aibinne Murmont, Gort Alainn, Corcaigh
Douglas BNS, Douglas, Co Cork
SN na Scairte Leithe, Saleen Cloyne, Midleton, Co Cork
St Joseph's & St John's NS, Kinsale, Co Cork
Kanturk BNS & SN an Chlochair, Kanturk, Co Cork
Carrigaline Educate Together NS
New Lusk PP (Phase 1 - Rapid for 350 students)
Skerries ETNS, Barnageeragh Cove, Kellys Bay, Skerries, Co Dublin
Scoil Choilm, Porterstown Rd, Clonsilla, Dublin 15
New School Flemington-Balbriggan, Co Dublin
New 1,000 pupil School, Mulhuddart, Dublin
New 1,000 pupil School, Balbriggan/Stephenstown, Dublin
Luttrellstown CC, c/o Institute of Horology, Mill Rd, Blanchardstown, Dublin 15
Hansfield Post-primary, Hansfield, Dublin 15
Holy Family NS, Rathcoole, Co Dublin
SN Caitriona, Kenure, Rush, Co Dublin
St. Andrew's NS, Lucan, Co Dublin
Clonburris Post-Primary School, Clonburris, Lucan, Co. Dublin
Mary Mother of Hope NS, Castaheaney
Esker Educate Together NS, Lucan
Newpark Comprehensive, Newtownpark Avenue, Blackrock
St Brigid's Convent NS & Scoil Mhuire NS, Haddington Road, Dublin 4
Scoil Bhride, Menlo, Castlegar, Galway
Coláiste na Coiribe, Bóthar Thuama, Co na Gaillimhe
St David's NS, Piper's Hill, Naas, Co Kildare
Kildare Educate Together NS, Kildare Town
Bunscoil McAuley Rice, West St, Callan, Co Kilkenny
Portlaoise ETNS, Gaelscoil Phortlaoise, Maryborough N.S. Portlaoise, Co Laois
Portlaoise amalgamation, (St Paul's, Sacred Heart & Scoil Mhuire)Portlaoise Rd, Portlaoise, Co Laois
Gaelscoil Chaladh an Treoigh, Chaladh an Treoigh, Luimneach
Coláiste Chiarain, Croom, Co Limerick
New 1,000 pupil school, Dundalk, Louth
St Joseph's NS , Avenue Road, Dundalk, Co Louth
New Post Primary School, Ballymakenny Rd. Drogheda
St Stephen's NS, c/o St Martha's College, Johnstown, Co Meath
New 1,000 pupil School, Ashbourne, Meath
Gaelscoil Na Mí, c/o Donaghmore Ashbourne GAA, Ashbourne
New 1,000 pupil PP Navan, Co Meath (Phase 1 - Rapid for 350 students)
Monaghan Model School, Monaghan, Co Monaghan
Scoil Bride, Carrick Rd, Edenderry, Co Offaly
Gaelscoil Eadan Doire, Club Sacair Bhaile Éadain Doire, Éadan Doire, Co Uíbh Fháilí
St Etchen's N.S., Kinnegad, Co Westmeath
Gaelscoil Inis Corthaidh, Bothar Ros Mhic Thriuin, Inis Corthaidh, Co Loch Garman
Gaelscoil Moshíólóg, An Chraobhach, Bothar Charn an Bhua, Guaire, Co Loch Garman
Gaelscoil an tInbhir Mhoir, Fernbank Park, Cemetary Rd, An tInbhear Mhoir, Co Chill Mhantain
Greystones ETNS, Blacklion, Greystones, Co Wicklow
Gaelscoil na gCloch Liath, Blacklion, Greystones, Co Wicklow
New 750 pupil School, Greystones, Wicklow
Arklow Community College, Coolgreaney Rd, Arklow, Co Wicklow