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£100 million for Croydon Schools

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The European Investment Bank on Thursday said it has agreed to provide GBP102 million to improve schools across the London Borough of Croydon – the first ever loan exclusively for investment in local schools by a UK borough.

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Europe’s long-term lending institution expects the 25-year loan will help Croydon Council invest in building and upgrading dozens of schools and providing thousands of extra pupil places, and will be used alongside other sources of financing from the local authority, including internal resources and grant funding.

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The new loan will also help the council provide thousands of extra primary and secondary schools places.

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The loan was highlighted during the visit of Jonathan Taylor, Vice President of the European Investment Bank, to Croydon on Thursday. Also present was Councillor Tony Newman, Leader of Croydon Council and Councillor Simon Hall, the council’s cabinet member for finance and treasury.

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The EIB loan is expected to help investment in a total of 38 schools. Primary school children in Croydon will benefit from 6 new schools as well as the upgrade and extension of 25 existing schools. The new EIB loan will also enable construction at 6 secondary schools.

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