More than £27 million will be lent by the Co-operative Bank to help build schools in the Midlands.
The Birmingham Building Schools for the Future (BSF) programme will borrow £27.5 million of a £54 million debt facility from the Manchester-based lender’s PFI and Project Finance team.
Phase one of the BSF project will launch the rolling-out of a £2.4 billion programme over 10 to 15 years in a bid to transform Birmingham’s primary, secondary and special needs schools.
Worth £180 million, phase one will kick-start the BSF’s largest school building programme yet.
Andrew Sykes, senior manager in The Co-operative Bank’s PFI and project finance team, said: “This is a landmark deal for the bank and we’re very proud to be involved in the transformation of educational provision for teachers and present and future generations of Birmingham’s youngsters.”
