Brussels, 12/03/2012 (Agence Europe) - On Friday 9 March, the European Investment Bank (EIB) granted a €200 million loan to the Castilla y León Region to finance its investment in research, development and innovation (RDI), heritage conservation and educational and social facilities.
The loan will provide €200 million towards financing a set of projects grouped together under the “Human Capital in Castilla y León” programme, whose overall cost will be €450 million.
The investment programme has three main components: social care, education and cultural heritage. The first involves the refurbishment and construction of care facilities for the elderly and disabled. The second centres on RDI and the refurbishment, enlargement, construction and equipping of various educational establishments in the region. And the third consists of the different schemes under Castilla y León's cultural heritage plan, mainly involving the restoration of historic buildings.
The loan's main advantage, according to the EIB is its maturity of up to 20 years, which is far longer than the average currently offered by commercial banks. (OL/transl.rt)