NIB Nordic Investment Bank

Loan

Finland. City of Turku

Date of loan: 25 Nov 2016
Country: Finland
Customer: City of Turku
Amount in EUR: EUR 50 million
Maturity: 25 years
NACE sector / loan type: Construction

Sectors

Infrastructure, transportation and telecom

Project

The loan has been provided for financing a municipal school/pre-school investment programme that includes the construction of two multipurpose education centres, Syvälahti and Yli-Maaria, and two day care facilities, Raunistula and Sofiankatu, as well as the renovation of five schools, Puolala, Luostarivuori, Katedralskolan, Pallivaha and Puropelto, in the city of Turku in western Finland.

The investment programme will improve educational conditions for over 4,000 school-age children and 550 pre-school-age children. The total amount of the investment is EUR 106 million, covering work in 2015–2019.

The population of Turku, a city of 186,000, has been increasing in the past ten years, and the city is directing investments to bridge potential gaps in its school and pre-school infrastructure in order to accommodate the growing number of school-age children.

Fulfilment of NIB's mandate

Competitiveness:

The operational efficiency of the new and renovated educational facilities is expected to increase compared to the existing schools and day care centres. The improvements in the quality of teaching infrastructure are likely to improve learning outcomes, which will have widely distributed impacts on the academic and labour market outcomes of the affected students.

Environment:

The investment is likely to result in energy savings in improved energy efficiency of the renovated buildings. The new buildings will use renewable energy sources.

Sustainability summary

None of the construction projects are assessed to have significant negative or social impacts.

Back to agreed loans

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