On Wednesday, the Riga City Council decided to borrow €15.3 million for the construction of an elementary school in Mežaparks, at 2 Sudrabu Edžus Street, LETA reports.
The loan repayment period is planned for up to 20 years, with a deferral of the principal payment for up to three years.
The school construction project is eligible for funding from the European Regional Development Fund (ERDF).
The total legal and financial obligations related to the implementation of the project are estimated at up to €16 million. Of this, ERDF funding may amount to up to €5 million, while municipal co-financing may reach up to €11 million.
As a result of the project implementation and the optimization of the educational institution network, the point of delivery of general education programs at 27 Libekas Street will be closed.
The construction of the school is planned to be completed in 2026.
