The European Investment Bank (EIB) provides a EUR 25 million loan for the construction of education facilities and for upgrading the urban infrastructure in the city of Vantaa, within the Helsinki metropolitan area.
This new loan of EUR 25 million represents the fourth and the final tranche Three previous tranches amounting to EUR 115 million have already been signed and disbursed. The loan will help to implement the City of Vantaa Development Plan. To comply with the needs of the fast growing population of the city, resulting from its successful economic development, the Plan focuses on increasing the supply of educational services and on upgrading the public transport and road infrastructure. The project financed by the EIB has two main components:
- construction of 19 day-care centres for children at pre-school age and of 20 schools;
- adaptation and extension of the urban transport infrastructure system to reduce congestion and provide a balanced mix between public and private transport modes. It will help to contain commuting distances, improve access to the existing infrastructure and service roads in residential areas of the city.
Mr Sauli Niinistö, the EIB Vice-President responsible for Finland, Sweden, the Baltic States and Russia, said: The EIB welcomes and supports the development of Vantaa, the fourth largest city of Finland. The loan signed today will help to face successfully the needs of fast growing Vantaa with a special focus on human capital development and upgrading the urban infrastructure .
The European Investment Bank, the long term financing institution of the EU finances economically viable investment projects fostering EU integration. The Bank provided loans to Finland amounting to more than EUR 3.2 billion during the recent five years (1999-2003). More than 25 % of this amount (EUR 868 million) represented investments in implementation of the Lisbon Strategy focused on developing of a European economy based on knowledge and innovation.