CEB loan to Cyprus to promote equitable and inclusive public education

PARIS - The Council of Europe Development Bank (CEB) has approved a € 65.5 million loan to Cyprus to improve the safety and energy efficiency of schools, and to enhance material teaching and learning conditions and access to sport facilities across pre-university educational levels.

The loan is intended to address the shortage of public pre-school facilities and the lack of adequate teaching spaces in primary and secondary schools, including in secondary technical and vocational schools in Cyprus. Moreover, it is expected to contribute to reducing socio-economic disparities among students and creating favourable conditions for a more equitable and inclusive public education system.

CEB Governor Rolf Wenzel said: "In addition to important environmental and safety outcomes, at its core this project is ultimately aimed at promoting social inclusion by helping students to access the same quality of education and by preparing young people to participate successfully in the labour market."

It is estimated that some 10,000 students will use new and improved spaces created through construction, classrooms extensions and renovation planned for the 2020-2025 budgetary period. About 1,800 new places should be created in public schools of all levels of education as a result of the proposed investments.

The loan will also meet one of the top objectives of the Cypriot government - improving the energy efficiency of schools in line with national and European objectives to decarbonise public buildings - as well as contribute to climate change mitigation. In addition, the project is expected to improve the safety of students and teachers by upgrading public school infrastructure in line with anti-seismic requirements.

CEB's new loan to Cyprus follows the one approved in 2010, worth € 95 million, to support the development and upgrading of education facilities at pre-primary, primary and secondary levels. That loan was fully disbursed in November 2018.

CyprusSince joining the CEB in October 1962, Cyprus has received 34 loans amounting to some € 2.3 billion. During this longstanding partnership, the Bank has financed projects in a variety of sectors on the island, benefiting the public infrastructure, tourism, education, and protection of the environment. For more information see here.

Set up in 1956, the CEB (Council of Europe Development Bank) has 42 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AAA with Standard & Poor's, outlook stable, AA+ with Fitch Ratings, outlook positive and AAA* with Scope Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.
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