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The city of Espoo has closed the first Finnish public-private-partnership (PPP) financing in support of public education infrastructure. Kumppanuuskoulut Oy, the special purpose vehicle that was founded for this purpose, will support the construction of eight

schools and day-care centres, which will serve 4000 children and young people. The European Investment Bank has contributed with a 21.5-year tenor EUR 60 million loan, made available under the European Fund for Strategic Investments (EFSI), part of the Investment Plan for Europe. In addition, the Nordic Investment Bank (NIB) has provided an equally long-term loan of up to EUR 75 million to the project.

The agreement between Kumppanuuskoulut, the service provider, and the City of Espoo is the first municipal project to be carried out using the Public-Private Partnership (PPP) model in Finland. The new facilities are set to open their doors in the period between 2022 and 2024. Kumppanuuskoulut is responsible for the project’s financing, planning, construction and maintenance until the year 2042.

The project will deliver on Espoo’s commitment to school network optimisation and modernisation, and includes buildings to be constructed in focus areas with a growing population. Apart from being specifically designed to facilitate the use of modern pedagogical approaches and the use of ICT, the schools will also adhere to high energy efficiency standards, thus bringing additional value to the project in respect of EU objectives.

Consistent with the EU 2020 strategy, the school strategy is pursuing four high-level goals; promoting equality and inclusion; promoting quality learning outcomes; promoting lifelong learning; and to plan for an education that is relevant to personal, social, cultural and economic needs. The EIB offers long-term financing for sound and sustainable investment projects which contribute to furthering EU policy objectives, making this project an excellent fit.