European Investment Bank and the Ministry of Finance of Hungary signed in Budapest the EUR 150 million loan for construction and rehabilitation of eight schools, 16 classroom extensions and 20 new sport halls in schools, as well as the construction of 26 swimming pools and 17 larger gymnasiums in public schools across the country. To date, the EIB invested EUR 911 million in education sector in Hungary alone.
Overall, the EIB loan will facilitate new capacities in the primary and secondary education and in particular will allow pupils currently schooled in mobile containers to move into new, modern school buildings; investments will increase the social opportunities and future employability of children. Access to modern sport infrastructure will also contribute towards better public health in Hungary by allowing young Hungarians to meet the sport education requirements of the national curriculum and engage in popular sports.
The loan will reduce overcrowding in schools, improve teaching equipment and subsequently improve educational performance of young Hungarians, offering effective education regardless of the social background as well as extending equal opportunities for quality education.
On top of increasing the social inclusiveness of public schools, the major provider of education in Hungary, the EIB loan will support them to adapt effectively to local demographic changes, reduce energy consumption and contribute towards a sustainable environment in Hungary and the European Union.
Lilyana Pavlova, Vice President of the EIB said: “The EIB continues to support Hungary as it addresses major educational challenges and works to develop a modern educational system capable of providing functional education to the country`s youth. Good, quality education is increasingly important for improving the living conditions and economic and social opportunities of youth, which is why the EIB is happy to support this project. Hungary`s contribution to world`s sports and science is amazing and I sincerely hope this loan will help launch a new generation of Hungary`s global sports and science champions”
With a focus on school infrastructure in a country with strong needs in education investments, the Project aims to promote progress towards the UN Sustainable Development Goal (SDG) 4 on education, which calls to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.
Original source: EIB
Published on 23 January 2019