23 Mar 2016

NIB finances a multipurpose school in northern Finland

Visualisation: City of Kajaani

NIB and the city of Kajaani in northern Finland have signed a loan agreement totalling EUR 12 million with a maturity of 18 years for the construction of a multipurpose school and community centre in the city.

The new school will have a capacity of 800 pupils in grades 0–9 (primary education), which is enough to replace three existing schools in the area. As well as the classrooms, the new facility will host a day care centre for 84 children and a library that will also function as a public library.

The building will utilise modern technologies for better energy efficiency. The construction of the school facilities is expected to be completed in spring 2016, and the rest of the project by the end of 2017. The total project cost is estimated at EUR 24 million.

“NIB has financed new education and community centres in a number of municipalities in Finland in recent years. Improving the quality of municipal services and availability of modern, energy-efficient facilities has a tangible positive effect on quality of life, which is closely related to the competitiveness of local communities and the country as a whole”, says Henrik Normann, NIB President & CEO.

The capital of the Kainuu region 550 kilometres north of Helsinki, Kajaani is home to 38,000 inhabitants.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Ms Tarja Kylänpää, Senior Director, Origination, at +358 10 618 0237,

Mr Dimitrijs Alehins, Senior Communications Specialist, at +358 10 618 0296,