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EIB doubles BSF bailout to £600m

The European Investment Bank (EIB) is set to double its investment in the struggling Building Schools for the Future (BSF) programme, according to reports.

The EIB made some £300 million available earlier in the year to BSF deals that had been stopped in their tracks by the banking crisis, which effectively led to the collapse of the private finance initiative market.

The first tranche of funding is yet to distributed but Partnerships for Schools (PfS), BSF’s delivery body, is said to be in discussions with the EIB about securing a further £300 million.

Speaking to EducationInvestor shortly before the turn of the year, Tim Byles, chief executive of PfS, hinted the EIB would play a major role in coming months. “We have had some very constructive discussions with the European investment bank,” he said, adding “I’m hoping that could become a general pattern of investment for up to 50 per cent of the senior debt for BSF schemes.”

Posted on: 27/03/2009

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