As announced earlier in the year, the Government will spend €1.5 billion on a school buildings project which will see the construction of 275 schools built between now and 2016; this new €100 million loan will provide essential capital to help see this project through.
"Crucially, this loan will be used in the construction and upgrading of 35 primary and 12 national schools across the country, including two schools in my local area Scoile Mhuire National School, Woodview, and Gaelscoil Eiscir Riada, Lucan.
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"This is a great vote of confidence in the project and I congratulate Minister Ruairi Quinn for his efforts to secure this funding. Obtaining funds of this size in today's markets is difficult, and the European Investment Bank's decision highlights the good work the Government is doing to restore Ireland's economic reputation.
"When entering government it was clear that Ireland's education infrastructure needed massive investment. Coupled with a surge in demand, the challenge to deliver first class education remains unrelenting. I commend Minister Quinn's unwavering determination to provide Irish children with the type of schooling that they deserve, and I look forward to the completion of this project."
(CD/GK)
