Summary sheet
The project aims to modernise and enhance the school estate in Cyprus by improving learning environments through the construction of new schools, expansion of existing facilities and renovation of buildings. It also includes the integration of energy efficiency measures. The investment covers pre-primary, primary, secondary and vocational education. Overall, the project will improve more than 140,000 square metres of new and renovated educational space.
The aim is to improve school infrastructure in Cyprus through new construction, extensions and other renovation and upgrading works.
The Project addresses a market failure with regard to the provision of public education as a public good, justifying a public intervention.
The new and upgraded infrastructure financed by the EIB will accelerate the modernisation of teaching and learning environments in terms of pedagogical appropriateness, energy efficiency, quality, health and safety, improving the provision of public pre-primary, primary and secondary education in Cyprus.
Moreover, EIB financing generates substantial financial benefit as it is provided at customised terms, such as flexibility of drawdowns, sculpted repayments, longer availability and grace periods, fixed interest rates for the whole duration of the loan, interest revision of conversion. It also serves to crowd in financing from other investors and also contributes to the diversification of the Borrower's funding sources and optimisation of its debt structure.
Where and if applicable, and based on a risk-based approach as defined in the EIB Group's Environmental and Social Policy, the requirements of the Environmental Impact Assessment (EIA) Directive 2011/92/EU as amended by Directive 2014/52/EU, Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC and EU Directive on Energy Performance of Buildings will be checked during appraisal.
The Bank will require the promoter to ensure that contracts for implementation of the project have been/will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/24/EU as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.