VEB to co-finance $7.6bn project to build over 500 schools

The Russian government has launched a programme to build over 500 new schools accommodating up to 647,000 schoolchildren by 2024. 

The project will be carried out through a public-private partnership, with VEB.RF mandated to be the key partner of private-sector companies. The total project value is estimated at $7.6 billion, including $4 billion to be raised from private investors, VEB.RF said.

The new educational centres will include swimming pools, improved gyms, libraries, recreational areas for students and teachers, and spaces for joint creative and scientific activities. Most schools are needed in big cities experiencing an influx of population, but some of them will be needed in remote areas with insufficient infrastructure.