European Investment Bank (EIB) and Council of Europe Development Bank (CEB) are making available EUR 1.255bn and EUR 300m for the School Buildings Plan, prepared and coordinated by the Ministry for Education, Universities and Research (MIUR).
Cassa Depositi e Prestiti (CDP) will use the funds to grant loans to the Regions to finance primary and secondary school projects
Substantial financial benefits for the Italian State from funds provided by these two international institutions
The EU and international financial institutions will continue to modernise Italian schools and make them safer with the support of MIUR. Two agreements providing sizeable resources for school buildings were signed today in Rome: a total of EUR 1.555bn, attributed by the EIB (EUR 1.255bn) and the CEB (300m). These funds will be deployed by Cassa Depositi e Prestiti in support of local authorities that own their school buildings.
The agreements were signed today in Rome, in the presence of Prime Minister Giuseppe Conte, by the Minister for Education, Universities and Research Marco Bussetti, EIB Vice-President Dario Scannapieco, CEB Vice-Governor Carlo Monticelli, and CDP's Chief Executive Officer Fabrizio Palermo.
The loans are intended to fund operations in the fields of restructuring, compliance with safety and seismic standards, energy efficiency and the construction of new school buildings. The funds will be provided by CDP to municipalities, provinces and metropolitan cities on the basis of priority rankings decided by the Regions that have been granted loans; these priority rankings are incorporated in the 2018-2020 national school buildings programme of the Ministry for Education, Universities and Research, which coordinates the plan and will monitor the use of funds. Depreciation costs will be borne by the Government and, thanks to specific disbursement arrangements, the final beneficiaries will be able to use the funds without impacting their own internal stability pact.
Using these EIB and CEB funds will help the Italian Government make significant interest payment savings thanks to the favourable terms for bond fund-raising that apply to these two international institutions (EIB: AAA/AAA/Aaa; CEB: AAA/AA+/Aa1).
Overall, the funds allocated today and in recent years by EU and international financial institutions will be used to develop more than 9 000 school buildings. Thanks to the School Buildings Plan and economic cooperation between the relevant players, there are advanced IT systems mapping all school buildings across Italy and monitoring infrastructural work (accessible in georeferenced and open data formats). These systems are highly valued in Europe.
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.
New loans for up to EUR 1,3bn will be made available over the next three years by the European Investment Bank (EIB) to Italian schools for the modernisation and safety of their buildings and facilities. The financing is part of a new institutional agreement signed with the Italian Ministry of Education, University and Research which builds up on a previous commitment coming to an end this year.
The Memorandum of Understanding governing the financing of the MIUR Plan, forming part of the Government's overall school construction strategy which also concerns the Infrastructure Ministry and the Italian Prime Minister's school construction task force, was signed today in Palazzo Chigi by the Prime Minister's Office, the Education, Universities and Research Ministry (MIUR) and the European Investment Bank.