NIB finances new schools in Turku, western Finland

Visualisation of the Syvälahti education centre. City of Turku

NIB and the City of Turku in western Finland have signed a 25-year, EUR 50 million loan agreement for the construction and renovation of schools and day care facilities in the city up to 2019.

The municipal investment programme 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. The improvements will affect conditions for over 4,000 school-age children and 550 pre-school-age children. The total amount of the municipal investment is set at EUR 106 million, covering work until 2019.

The population of Turku, a city of 186,000 and the centre for an agglomeration of nearly 400,000 people, 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 develop the learning environment and accommodate the growing number of school-age children.

“NIB is financing the investment programme of the city of Turku because it is aimed at improving the operational efficiency of the municipal educational facilities and the quality of school education. This may have a positive effect on Finland’s economy in the longer run”, says Henrik Normann, NIB President & CEO.

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
Mr Olli Lempiäinen, Senior Manager Origination, at +358 10 618 0525,

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