Luxembourg school infrastructures receive multi-million euro funding

Schools and educational infrastructures across Luxembourg will benefit from a multi-million euro funding to finance their energy efficiency.

The European Investment Bank (EIB) and the Luxembourg government signed a finance agreement worth €300 million in December 2015.

On Wednesday the first tranche of €150 million was paid.

The funding will be used on energy saving within educational infrastructures in Luxembourg.

"Thanks to the agreement with the EIB, the Luxembourgish state is diversifying its financing sources and is now borrowing at a fixed rate of 0.00 per cent, compared with 4.56 per cent on a loan of 132 million concluded in 2007 and which has just been reimbursed in May 2017," Finance Minister, Pierre Gramegna, said in a statement.

"The government is pursuing a policy of responsible management of public finances, while continuing to maintain investments in infrastructure at historically high levels."

The funding from the EIB is part of the implementation of the COP21 agreement, also known as the Paris agreement on climate change, and the capital will be reimbursed on 18 July 2022.

(Heledd Pritchard, heledd.pritchard@wort.lu, +352 49 93 459)