LONDON (CROYDON) SCHOOLS

Promoter – Financial Intermediary

London Borough of Croydon

Location

• United Kingdom

Description

The Project involves an EIB loan of GBP 102m to the London Borough of Croydon to support the extension and refurbishment of about 31 primary and secondary schools, the construction of six new schools and the extension and rehabilitation of about 18 facilities for special educational needs.

Objectives

The project will contribute to human capital formation and hence the knowledge economy in the United Kingdom. It is aimed at upgrading and modernising the primary and secondary schools estate, including schools for children with special educational needs. The purpose is to enhance the learning environments for students and the working conditions for teachers. The project reinforces the human capital stock of a Member State, making it eligible under Article 309 of the EU Treaty, point (c) Knowledge Economy (Education & Training).

Sector(s)

• Education

Proposed EIB finance (Approximate amount)

EUR 119 million (GBP 102 million)

Total cost (Approximate amount)

EUR 245 million (GBP 210 million)

Environmental aspects

Schools are not specifically mentioned in the EIA Directive 2011/92/EU, though the project may be covered by Annex II of the Directive in relation to urban development. The Bank’s services will verify during appraisal whether an EIA is required and the screening decision of the competent authority. It is expected that the project will have positive social benefits as education is an element of social cohesion.

Procurement

The Bank will require the Promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Dir. 2004/18/EEC and Dir. 2007/66/EC [amending Directives 1989/665/EEC and 1992/13/EEC]), with publication of tender notices in the EU Official Journal, as and where required.

Status

Signed - 22/07/2015