NIB and the City of Turku Sign EUR 250 Million Credit Facility to Finance New Schools and Modern Educational Infrastructure

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(IN BRIEF) NIB has agreed to provide the City of Turku with a EUR 250 million 25-year uncommitted credit facility to support a major programme aimed at constructing and renovating educational facilities across the city. The broader initiative, valued at approximately EUR 503 million and scheduled for 2024–2029, includes the development of 11 comprehensive schools, five combined school-and-kindergarten facilities, three stand-alone kindergartens, and one upper-secondary vocational school. Most of the buildings will be newly constructed and built according to the RTYL environmental certification system. The project addresses the dual challenges of population growth and ageing infrastructure while strengthening education services across multiple levels, from early childhood learning to vocational training. The agreement also builds on an earlier partnership between NIB and Turku, which included a EUR 50 million loan in 2016 supporting the city’s previous school construction programme.

(PRESS RELEASE) HELSINKI, 10-Mar-2026 — /EuropaWire/ — NIB has signed a EUR 250 million 25-year uncommitted credit facility agreement with the City of Turku to support a large-scale programme to construct and modernize educational facilities across the Finnish city. The financing will help fund a series of school and kindergarten projects designed to meet growing demand for modern learning environments.

The broader programme carries an estimated total investment of approximately EUR 503 million and is scheduled to be implemented between 2024 and 2029. Through the initiative, Turku plans to significantly upgrade its educational infrastructure while expanding capacity for students at multiple levels of education.

The development programme includes the construction or renovation of a total of 20 facilities. These consist of 11 comprehensive schools, five combined school-and-kindergarten complexes, three independent kindergarten buildings, and one upper-secondary vocational school. Most of the facilities will be newly built and designed to comply with the RTYL environmental certification framework, which sets standards for sustainable construction and building performance.

Turku has experienced steady population growth in recent years, increasing pressure on existing educational infrastructure. At the same time, many school and childcare facilities currently in use are ageing and require modernization. The planned investments are intended to address both challenges by providing modern learning environments that support contemporary teaching methods while ensuring sufficient capacity for the city’s expanding population.

Because the programme covers multiple educational levels, it will contribute to strengthening early childhood education, comprehensive schooling, and vocational training within the region. The new and renovated facilities are expected to improve learning conditions for children and students while supporting the long-term development of the local education system.

The agreement continues an existing partnership between NIB and the City of Turku. In 2016, the bank provided a EUR 50 million loan to support the city’s earlier programme for school construction and renovation covering the years 2015 to 2019.

André Küüsvek, President and CEO of NIB, emphasized the significance of investing in educational infrastructure, noting that supporting modern learning environments aligns with the bank’s mission of financing projects that contribute to long-term societal development.

Kim Moisionlinna, Treasury Manager at the City of Turku, explained that the new credit facility helps the city diversify its financing sources and strengthen competition among funding partners. He added that NIB represents a reliable financial partner to join the city’s existing group of lenders supporting the investment programme.

Media Contacts:

Henri Tammeaid, Associate Banker, +358 10 618 0488, henri.tammeaid@nib.int

Sebastian Påwals, Director, +358 10 618 0527, sebastian.pawals@nib.int

Tommy Hellström, Communications Officer, +358 10 618 0214, tommy.hellstrom@nib.int

SOURCE: Nordic Investment Bank