NIB supports the development and renovation of schools and kindergartens in Turku, Finland

• NIB and the City of Turku have signed a EUR 250 million 25-year uncommitted credit facility to co-finance the construction and renovation of schools and kindergartens. 
• The total costs of the project are approximately EUR 503 million.
• Construction and renovation work is scheduled for 2024–2029.

The project includes 11 comprehensive schools, five combined school-and-kindergarten facilities, three stand-alone kindergartens, and one upper-secondary vocational school. The majority of buildings in the project are entirely new constructions and will follow the RTYL environmental certification system.

Turku’s population has continued to grow steadily, while much of its existing educational infrastructure is ageing. Upgrades to existing facilities are essential to accommodate demographic growth and the demand for modern teaching services.  As the project includes various levels of education, it will support early childhood development, vocational training, and secondary education.

In 2016, NIB provided a EUR 50 million loan to the City of Turku to finance its 2015–2019 school renovation and construction programme.

“We’re delighted to continue our partnership with the City of Turku by supporting the construction of educational facilities. Our motto is ‘Financing the Future’—and children are the future,” says André Küüsvek, NIB President and CEO.

“With signing the credit facility, the city aimed to expand its funding base and increase competition among various financiers. NIB is a solid and reliable counterparty to join the city’s other funding partners,” says Kim Moisionlinna, Treasury Manager at the City of Turku.

NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.

For further information, please contact:

Henri Tammeaid, Associate Banker, +358 10 618 0488, henri.tammeaid@nib.int

Sebastian Påwals, Director, +358 10 618 0527, sebastian.pawals@nib.int

Tommy Hellström, Communications Officer, +358 10 618 0214, tommy.hellstrom@nib.int