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KG Advises on Construction of Public Schools

Greece
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The Kyriakides Georgopoulos Law Firm (KG Law Firm) has advised that a new agreement for the construction of ten public schools in Attica, through the use of Public Private Partnerships (PPPs), has been signed. KG Law Firm acted as the legal advisor to the group of lenders in this transaction.

The project includes the study, funding, construction, maintenance, and technical management of ten public schools for a period of twenty-seven years in the Municipalities of Athens (five schools), Heraklion (one school), Oropos (three schools), and Megara (one school).

J&P Avax, the contractor, will fund and construct all schools by May 2016. In addition, J&P Avax will remain responsible for maintenance and technical management of the schools throughout the life of the agreement.

The total cost of the investment is EUR 52 million and will be repaid by the Greek State upon the completion of the construction.

The project is jointly funded by the European Investment Bank and the Jessica Fund.  Financing is broken down as follows: EUR 16.7 million from the EIB, EUR 16.7 million from the Jessica Fund through the National Bank of Greece , EUR 8.7 million from Alpha Bank, and EUR 9.9 million from the contractor.

The agreement follows the signing of a related agreement on April 9 for the construction of fourteen schools, also in Attica. KG Law Firm is acting for the group of lenders in that transaction as well, with ATESE-Domiki Kritis as contractor.

The twenty four schools will service 6,500 students, with total funding of EUR 110 million. KG Law Firm claims that these are the first PPPs in the EU jointly funded by the European Investment Bank and the Jessica Fund, creating a European model for the financing of social projects.

 

 

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