Generalitat Valenciana and the European Investment Bank concluded in Luxembourg an agreement to further finance investment in education and discussed future cooperation.

Philippe Maystadt, EIB President, and Carlos Costa, EIB Vice-President, met with the delegation of the Government of Valencia headed by Francisco Camps, President of the Generalitat Valenciana, accompanied by Gerardo Camps, Conseller of Economy, Alejandro Font de Mora, Conseller for Culture, Education and Sports and Enrique Perez Boada, Director General of the Valencia Financial Institute.

During the visit, amongst others, a second loan agreement of EUR 250 million for education was signed. The additional financing will help to upgrade primary, secondary and vocational educational facilities in the Region of Valencia. The facilities form part of the Crea Escola programme comprising the planning, new building, rehabilitation and extension, as well as the provision of furniture and equipment, of educational infrastructures spread throughout the region.

Teaching facilities that meet modern needs increase the quality and effectiveness of education. The schools also deliver formal and informal education for adults, hence preventing and combating social exclusion and promoting equal opportunities in the widest sense.

Crea Escola concerns the design and construction of 97 new primary schools and of 54 new secondary schools; the upgrading and expansion of 76 existing primary schools and of 66 existing secondary schools. It will eliminate 386 pre-fabricated classrooms spread over 215 primary and 171 secondary schools. A double shift system in use because of scarcity of school accommodation will be corrected with the present project. Connections to the Internet and to the educational network are in line with the targets defined in the eLearning Action Plan of the European Commission. Overall the programme will affect 154,600 students.