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The project concerns the construction and operation of 9 educational institutions in Vilnius City, Lithuania.
The project is aligned with the objectives of the European Education Area as it addresses a suboptimal investment situation in education infrastructure in the City of Vilnius. It is expected to contribute to climate action and environmental sustainability objectives, in particular climate change mitigation and adaptation.
The Project addresses gaps in the City of Vilnius pre-primary, primary and secondary education infrastructure by constructing facilities to meet international standards. With a total of 67 143 m² of new construction, the Project will expand access to modern, inclusive, and well-equipped learning environments for 4 290 children. All facilities are designed to meet contemporary educational and accessibility standards, including specialised features for students with special needs. The investment is expected to alleviate overcrowding and improve learning conditions. The Project creates positive externalities as it will promote access to high-quality public education, which benefits society and the broader economy, mainly in terms of skills development and upgrading but also in terms of positive social outcomes such as improved social cohesion, civil engagement and health outcomes.
The Bank's contribution will be most visible on the financial contribution side by providing a substantial financial value added to the promoter, and by accelerating the fundraising process and crowding in other financiers. In addition, the Bank's long-term funding will enable the promoter to enhance their financial structure in line with the length of the lease contract and long economic lifetime of the assets to be financed. The Bank provides expertise in structuring and lending to project, applying standard and well tested project finance principles. This will improve the structuring of the operation through close co-operation with the promoter, the borrowers and the other lenders.
Where applicable, and based on a risk-based approach as defined in the EIB Environmental and Social Policy, compliance with the requirements of the Environmental Impact Assessment Directive (2011/92/EU), as amended by Directive 2014/52/EU, the Birds Directive (2009/147/EC), the Habitats Directive (92/43/EEC) and the EU Directive on Energy Performance of Buildings will be verified during appraisal. The operation is not located in or near Natura 2000 sites.
The Bank will require the promoter to ensure that contracts for implementation of the project will be 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.