City of Turku and EIB sign EUR 150 million financing agreement

The City of Turku has signed a loan agreement with the European Investment Bank (EIB) for EUR 150 million. The investments under the agreement will take place over the 2017-2022 period and include both renovations and new targets.

The agreement was signed by EIB Vice-President Alexander Stubb and Mayor of the City of Turku Minna Arve.

The targets of the financing agreement will be, among others, day care centres and schools in the city, infrastructure investments, cultural attractions, traffic, and social housing construction. The principle is that the EIB will finance a maximum of 50% of the investments.

“Turku is one of Finland’s leading cities when it comes to facing the future with a carbon neutral approach,” said EIB Vice-President Alexander Stubb. “This financing will enable the City of Turku to invest in the well-being of its citizens and provide them with high-quality public services. This is perfectly in line with the Bank’s mission statement, which is to improve people’s lives through the projects we support.”

“Turku’s objective is to be a carbon neutral by 2029 when the city will be 800 years old. The financing of the European Investment Bank focuses, for example, on improving the energy efficiency of buildings, and is a significant contribution to helping us achieve our climate goal,” said Mayor of the City of Turku Minna Arve.

Original source: EIB
Published on 28 January 2019