A loan of £102 million has been given to the London Borough of Croydon to improve schools in its area. The funding has come from the European Investment Bank (EIB) and will go towards building and upgrading dozens of schools and creating new pupil places.
The 25-year loan is the first ever EIB loan exclusively for investment in schools and Croydon council has said it will be used alongside other sources of finance to support 38 schools. This includes construction at six secondary schools and upgrades and extensions at 25 existing primary schools.
Over the next three years schools in Croydon must provide an additional 2,100 secondary places and 5,182 primary places.
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