A €75 million loan from the European Investment Bank (EIB) for the energy retrofit of school buildings was approved by the Athens City Council, as announced by Athens Mayor Haris Doukas in an interview with ERTnews Radio 105.8.
According to the mayor, the loan includes a five-year grace period, repayment over 25 years, and a special interest rate—the lowest, he said, of any loans the City of Athens has received. Funding for the school renovations will be covered 75% by the loan and 25% by the municipality’s own resources.
The program includes the replacement of window frames and glass panes, work on roofs and facades, new heating systems, the installation of air conditioners, as well as heat pumps and solar panels, with the aim of making school buildings energy self-sufficient.
The scale of the problem, as described by Mr. Doukas, is significant. As he explained, the municipality has 400 schools, 75% of which are over 40 years old, 50% over 50 years old, and some buildings are even over 100 years old. According to him, the annual cost for electricity and heating alone exceeds 5 million euros.
He also stated that there is no other available funding mechanism for this purpose, adding that, following discussions with the Ministries of Finance and Education, it was determined that there is only one very small program, the “Marietta Giannakou” program, which covers painting and minor repairs.