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European Investment Bank (EIB) funding for the Italian Government's programme for safety and modernisation in schools will be increased by 50%. In addition to the EUR 940m already allocated in 2015, a further EUR 530m will be provided by virtue of a Memorandum of Understanding signed in Rome this morning by Italian Prime Minister Matteo Renzi, Education, Universities and Research (MIUR) Minister Stefania Giannini, EIB Vice-President Dario Scannapieco and Fabio Gallia, CEO of Cassa Depositi e Prestiti (Cdp), the institution responsible for directing the EIB funds to local authorities. The Memorandum was signed on the first National School Safety Day mandated by the “Buona Scuola” (“Good School”) law.

The loan will cover restructuring operations, compliance with safety and seismic standards, energy efficiency and the construction of new school buildings. The funds will be provided to municipalities, provinces and metropolitan cities on the basis of priority rank by the Regions. Depreciation costs will be borne by the State and, thanks to new disbursement arrangements, the beneficiaries will be able to use the funds without impacting their internal stability pact.