Russia Poised To Open 500 New Schools By 2024 - VEB.RF

Russia Poised to Open 500 New Schools by 2024 - VEB.RF

Russia has launched a $7.6 billion project, led by the state development corporation VEB.RF, to build 500 new schools with capacity of up to 647,000 students by 2024, the corporation said in a press release obtained by Sputnik on Thursday

MOSCOW (UrduPoint News / Sputnik - 11th March, 2021) Russia has launched a $7.6 billion project, led by the state development corporation VEB.RF, to build 500 new schools with capacity of up to 647,000 students by 2024, the corporation said in a press release obtained by Sputnik on Thursday.

The program will be implemented through a public-private partnership (PPP) format, with around $4 billion expected to be raised from private investors, the corporation stated.

"VEB.RF is ready to co-finance the project, encouraging the partner banks to provide funding under concession agreements. PPPs in education will make it possible to deal with bringing new schools into operation at a faster pace, distributing and easing the burden on regional budgets and enabling good educational practices to be exported around the country," Igor Shuvalov, VEB.

RF chairman, said in a statement.

The program has been designed under the national project aimed at ensuring Russia's top global rank in terms of education. All new schools will provide state-of-the-art, accessible facilities, including swimming pools, modern gyms, libraries, recreational areas for students and teachers, labs and creative spaces.

The 500-school project is part of the government's efforts to address the predicted shortfall of 1.8 million school places in 2024 based on the recent demographic trends in Russia.