MADRID EDUCATION INFRASTRUCTURES

Promoter – Financial Intermediary

COMUNIDAD AUTONOMA DE MADRID

Location

• Spain

Description

The project concerns the renovation, extension and new construction of public education facilities in the Autonomous Region of Madrid (CAM), Spain.

Additionality and Impact

The project concerns the construction, renovation and extension of education facilities in the Autonomous Region of Madrid. Such investments will accelerate the modernisation of teaching and learning environments at different levels of education, from pre-primary to upper secondary, which is then expected to translate into improvements in the quality of education, creating positive externalities with significant benefits in the short and long term, mainly in terms of skills development and upgrading but also improved social cohesion and economic growth.

The investments targeting climate change mitigation will also have positive externalities, as they contribute to the construction of a more sustainable future. The Project is fully aligned with the national and regional priorities in education as well as with the objectives of the EIB's Innovation, Digital and Human Capital policy goal and the EU's European Education Area 2025 initiative.

EIB's participation will provide a financial benefit to CAM as it allows to distribute the cost of financing in the long term, resulting in a manageable annual debt service amount. The EIB will include flexible drawdown terms and conditions adjusted to the investment horizon of the Project, which are highly valued by public promoters and a key differentiating feature of EIB's financing. The EIB loan could have a signalling effect, facilitating additional financing for Education infrastructure programmes from complementary sources.

Objectives

The aim is to support different levels of education, from pre-primary to upper secondary education. The exact project scope will be reviewed during appraisal.

Sector(s)

• Education - Education

Proposed EIB finance (Approximate amount)

EUR 250 million

Total cost (Approximate amount)

EUR 532 million

Environmental aspects

The project covers education facilities of a kind, which are not specifically mentioned in the Environmental Impact Assessment (EIA) Directive 2011/92/EU as amended by Directive 2014/52/EU, though the project is covered by Annex II of the Directive in relation to urban development. The Bank's services will verify during the allocation stage whether an EIA is required by the competent authority. The project will contain new construction of public buildings; therefore, compliance with directive 2010/31/EU on the energy performance in buildings will be verified during the appraisal. Social and environmental aspects, as well as any aspects related to historical and cultural heritage will be verified during the appraisal.

Procurement

The EIB will require the promoter to ensure that contracts for implementation of the project have been and/or will be tendered in accordance with the applicable EU procurement legislation Directive 2014/24/EU as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Status

Signed - 21/03/2023