The European Investment Bank (EIB) has agreed a €200m loan to support investment in school buildings across Ireland.
The 30-year loan is provided to the National Treasury Management Agency (NTMA), acting on behalf of the Irish state, and represents the 10th European Investment Bank loan provided to the NTMA since 2012.
The loan underpins an element of the state’s €4.4bn existing NDP funding allocations for the school building programme.
Education minister Norma Foley and the vice-president of the European Investment Bank, Christian Kettel Thomsen, signed an agreement which will allow the National Treasury Management Agency to draw down €200m in European Investment Bank funding.
Bernie McNally, secretary general of the Department of Education said: “I want to thank the EIB and vice-president Kettel Thomsen for their support and continued engagement.
'Construction, enlargement and modernisation of 30 schools'
“This €200m long-term loan will help deliver the Department of Education’s significant School Building Programme. As part of the department’s €4.4bn NDP allocation, it will support the construction, enlargement and modernisation of 30 schools, as well as delivering improved energy saving measures to these schools, which will benefit approximately 23,000 students across the country.”
Christian Kettel Thomsen, European Investment Bank vice-president said: “Investing in schools is investing in the future. The European Investment Bank is committed to supporting long-term investment in Irish schools to ensure that students benefit from even better facilities and the latest teaching technology, alongside sharing best-practice gained from similar schemes across Europe to cut energy bills.”
Frank O’Connor, incoming chief executive of the National Treasury Management Agency, said: “Our partnership with the EIB is a very important source of finance for capital investment in key infrastructure. We are pleased that this facility and the wider School Building Programme will benefit so many students and contribute to higher-quality school buildings including greater energy efficiency.”
The Department of Education and EIB also signed an acknowledgement of Advisory Support between the two organisations to support Phase 1 of the National Energy Profile project currently underway in Ireland.
In preparing for the delivery of the deep energy retrofit of all schools built prior to 2008 as provided for under the NDP, the Department of Education is establishing a national energy profile of all schools.
Roll-out of a survey tool and database
Phase 1, which has already started, includes the development and roll-out of a survey tool and database, along with assessing 580 schools, and has been funded by the European Investment Bank Advisory Hub. This involves energy assessors gathering focused information on energy use, building types, age, and size along with an overview of general fabric and energy aspects of electrical and mechanical systems, along with the energy performance and energy consumption characteristics of each school.
The 580 schools are in counties Kildare, Offaly, Meath, Wicklow and Wexford. The database system design and development will be compatible with the department’s Geographic Information System, to enable delivery of the NDP investment programme.
The Department of Education and EIB are exploring opportunities to develop additional phases of the project to build on the developing outcomes from phase 1.
The European Investment Bank has provided more than €2bn for long-term education investment across Ireland over the past 41 years.