- Up to €110 million in EIB financing will be invested in secondary schools and public buildings in Calvados over 25 years.
- When the works are completed, buildings will be highly energy-efficient, reducing their carbon footprint and saving money on operational costs.
- This is the first loan the EIB has granted to the department of Calvados.
The European Investment Bank (EIB) and the department of Calvados have signed a 25-year financing agreement worth up to €110 million. The aim of the financing is to help modernise and adapt schools to meet local demand, with a view to improving secondary education and facilities for young people.
Thanks to this financing operation, the department of Calvados will be able to make improvements to secondary school infrastructure and public buildings. Examples include works to the department nursery in Caen, Bénouville castle, museums and archaeological sites, as well as several department-run social welfare centres, and the department nature centre in Sallenelles. The project also includes investments in digital equipment in the education sector and adding greenery to secondary school playgrounds.
Once the works are complete, buildings will be highly energy-efficient. This will help the department meet its objective of reducing energy use, while also saving money on running costs. Climate change adaptation measures will also be included in the project.
This project is fully in line with the department’s efforts as part of its Calvados Vision 2030 roadmap, which aims to promote the green transition, as set out in its low-carbon strategy.
The works include refurbishing and extending several secondary schools – benefiting approximately 4 500 students – as well as other educational, cultural and social facilities. The project will provide a wide range of solutions for combating and adapting to climate change. These include replacing fossil fuel boilers with low-carbon alternatives powered by renewable energy, and substituting existing light fittings with LED lights.
EIB Vice-President Ambroise Fayolle said: “Investing in education is a priority for the EIB, the EU bank. We are very pleased to have signed this operation with the department of Calvados, especially since it is the first time we are providing finance for its public buildings and infrastructure. This project will contribute to the transition to low-carbon public buildings in the department, while also improving energy efficiency and lowering running costs.”
President of the department of Calvados Jean Léonce-Dupont said: “This long-term financing agreement with the EIB is an opportunity for the department in its strategy to secure finance for its investments, providing us with the very best financing conditions to invest in education and also carry out our strategic housing plan. This partnership allows us to diversify the way we finance some of our multiannual investment plan, part of which focuses on education. This agreement has the advantage of being flexible and adaptable to our budget, and enables us to begin fulfilling our obligations with regard to debt "greening".”
Background information
About the European Investment Bank (EIB)
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. In the education sector, which is one of its priorities, the EIB financed investment projects in 2023 in France to the tune of more than €900 million, a figure that has risen sharply. The EIB finances education infrastructure from nursery schools to higher education in both the public and private sectors. It has recently financed construction and refurbishment projects for secondary schools in seven departments, including Seine-Maritime in the Normandy region. In regard to higher education, it has financed refurbishment projects on the campuses of CentraleSupélec in Saclay, École Polytechnique in Palaiseau and INSEAD in Fontainebleau.