OREANDA-NEWS. The European Investment Bank (EIB) has signed two new loan agreements with counterparts in northern Finland today, supporting upcoming investment programmes in the cities of Oulu and Rovaniemi.

“These two projects show how the EU bank can deliver added value throughout the country”, said Vice-President Jan Vapaavuori, responsible for EIB operations in Finland. “Urban development is high on the agenda for all European institutions, and no less so for the EIB. The Bank’s mission is to improve citizens’ quality of life with all the projects we do and the projects in Oulu and Rovaniemi are a very good example of that commitment."

Early this morning, the EU bank signed a EUR 100 million framework loan with the City of Oulu regarding its investment programme for the years 2016-2020. Specifically, the funds from the EIB will go towards refurbishment of the local street network, real estate renovation projects, as well as upcoming investments in the nursery and school network. This is the second loan of this type, after the EUR 250 million facility signed in 2013 for Oulu’s 2013-2016 investment programme. Just last year the EIB supported the modernisation of Oulu University Hospital (“OYS”) with a EUR 75 million loan.

“The City of Oulu is pleased to be able to take advantage of the EIB framework loans. The EIB loan is competitive and enables the implementation of the City of Oulu’s investment plan. Overall this long-term funding helps to improve the competitiveness of the Oulu Region”, added Matti Pennanen, mayor of Oulu.

This afternoon, a loan facility with the City of Rovaniemi was also signed. The EUR 100 million municipal framework loan is destined towards the city’s six-year investment programme from 2015 to 2020. In its first project with Rovaniemi, the EIB funds will support investments in a number of small to medium-sized schemes in many different fields. Projects will include a new health centre, sports facilities, improvement of local roads and street lighting, as well as some smaller schemes  in education, heating, water treatment and waste management.