29 Sep 2017

NIB finances municipal school investment in Porvoo, Finland

Kevätkumpu school centre in Porvoo. Photo: Sami Heiskanen / City of Porvoo

NIB and the city of Porvoo have signed a 20-year loan agreement totalling EUR 50 million to finance municipal investments in constructing and reconstructing school and preschool buildings in Porvoo, southern Finland.

The city’s investment programme includes the construction of three buildings for school centres—Tolkkinen, Kevätkumpu/Vårberga and Västra enhetsskolan—and four buildings for preschool and day care centres—Gammelbacka, Toukovuori, Peippola and Mäntykumpu. The city will also renovate six schools—Lyceiparken, Grännäs, Tolkis, Linnankoski, Keskuskoulu and Linnajoki. Thanks to energy saving technologies, the use of energy in the new school buildings will be approximately 50% of the current national average.

The cost of the investment programme is estimated at around EUR 100 million and the construction work is scheduled for completion in 2019. It is expected that the improvements will affect over 4,100 children.

“Modern schools create a foundation for a competitive society. Improving the operational efficiency of schools in Porvoo will help them meet the requirements of a state-of-the-art learning environment. The environmental improvements in the use of energy will also support the city’s commitment to reduce energy use and greenhouse gas emissions”, 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 0535,

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