- Hungarian pupils to benefit from eight new schools, 16 classroom extensions, 20 new sport halls, 26 swimming pools and 17 larger gymnasiums;
- European Investment Bank invests EUR 150 million in improving the educational and sports outlooks of young Hungarians;
- EIB loan helps schools improve quality of education, social inclusiveness and educational performance of their pupils as well as their social opportunities and employability.
European Investment Bank and the Ministry of Finance of Hungary signed today 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 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 in to 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”
Mihály Varga, Hungarian Minister of Finance said: “I highly appreciate the work of the EIB and its continuous commitment to the priorities of the Hungarian Government to improve the country’s educational infrastructure, in particular, the construction and expansion of infrastructure in schools where the existing facilities are outdated and inadequate. This loan will contribute to the construction of 8 new schools in Hungary and by the means of refurbishment and establishment of sports halls and handball halls, improved access to sports facilities will enable daily physical education of pupils.”
Ongoing Investments in Hungarian education and related sports infrastructure
This loan is a follow-on of a similar program signed in 2016 worth HUF 15 billion (cca. EUR 48 million); its implementation allowed pupils get access to modern sports facilities throughout the country. Like in the first part, the EIB is expected to co-finance the project with 50% share.
The EIB loan complements the European Structural and Investment Funds efforts of the European Union to improve educational infrastructure in Hungary; half of the projects will be located in regions classified as less developed.
With 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.