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12 new schools in the North East following bank support
EB News: 11/03/2015 - 10:32
The EIB, the lending institution of the European Union, will be involved in the construction of 40 new state schools under the Priority School Building Programme (PSBP), contributing an overall sum of approximately £274 million. Construction is set to take place in the coming weeks on new sites and existing school structures.
Jonathan Taylor, Vice President of the EIB, said of the announcement: "The European Investment Bank is committed to supporting long term investment that improves education across Europe and in the UK thousands of primary and secondary school pupils, and students in higher and further education have benefited from investment in better facilities and modern learning environments following EIB backed education projects."
The investment will be divided between six primary schools and six secondary schools. Mandale Mill in Stockton on Tees, Hylton Castle Primary in Sunderland and Lingey House in Gateshead are among the primary schools to benefit, whilst Bedlingtonshire Community High in Northumberland and Seaham School of Technology in County Durham are two of the six secondary schools chosen.
The EIB has provided nearly £2.5 billion for education investment across the UK in the last decade, including campus development for several major universities and support for the Building Schools for the Future programme. The long term loans from the EIB will be for around 25 years and represent around 40 per cent of the overall project cost.
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