The European Investment Bank (EIB), together with the Nordic Investment Bank, has teamed up to provide EUR 168 million in financing for the construction and operation of nine schools and kindergartens in Vilnius, Lithuania.
Under this financing arrangement, the European Investment Bank (EIB) is providing EUR 84 million, matched by the Nordic Investment Bank. The project covers the construction of five kindergartens and four schools, which will be completed by 2028 and will serve more than 4000 children in Vilnius. The schools will be located in districts experiencing a shortage of classroom space.
The investment takes the form of loans to a special-purpose company Vilnius Education Infrastructure, which was established by Vilniaus vystymo kompanija (fully owned by the Vilnius City Municipality). This marks the first initiative of its scale in the region, where a municipality-controlled company independently borrows from financial institutions to develop educational infrastructure.
For the Lithuanian legal aspects of the project, both the European Investment Bank and Nordic Investment Bank were advised by the COBALT team, led by Partner Eva Suduiko and Specialist Counsel Aušrys Šliavas.
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