Bank of Ireland announced today (Monday) that it has funded the development of a new school building for
Work on a new, state of the art building for Colaiste Ailigh in Letterkenny is to begin shortly. Funding for the project has been made available through a Public Private Partnership involving the Bank of Ireland and the European Investment Bank.
The new 350 pupil school in Letterkenny should be complete by early 2014.
Bank of Ireland and the European Investment Bank (EIB) provided the debt funding, totalling over €100 million for Colaiste Aligh and seven other schools across the country, using the Public Private Partnership model.
The building of the seven secondary schools and one primary school will result in around 1,000 construction jobs and, when complete, will create c. 5,700 new school places.
Colaiste Ailigh Principal Michael Gibbons welcomed the news. “We’ve waited for this 13 years.
“Final contracts were signed last Friday and the contractor is ready to start. We’re told that machines will be on site this week or, at the latest, next week. All that remains is for us to arrange a ceremony for the turning of the sod.”
Donal Murphy, Director, Project Finance, Bank of Ireland Corporate Banking said, “This transaction is a very important milestone for the Irish infrastructure market, in that it demonstrates that privately financed projects can be delivered, even against the backdrop of the EU/IMF/ECB programme and constrained capital spending.
“We are confident that Schools Bundle 3 will pave the way for further pipeline projects in the Schools and Roads sectors and we also look forward to seeing the launch of the Primary Care Centres PPP Programme”.