A new primary school and an avenue to ease traffic flow – both projects representing a €5.9 million investment – will be built in Faro.
The council will resort to medium and long-term bank loans to carry out the projects, calling them the “most economically advantageous” options available.
The loan requests were approved by the council on Monday (June 21) and are due to be discussed and voted on by the municipal assembly.
The construction of the new EB1 D. Afonso III primary school will take place near the existing EB2 and 3 D. Afonso III middle school and will include three pre-school classrooms and eight primary school classrooms.
Costing nearly €2.6 million, the project aims to “modernise and expand” the borough’s educational offer at pre-school and primary school levels.
The other major investment is the completion of Avenida Mário Lyster Franco in Lejana, which is expected to significantly improve the town’s accessibilities and traffic flow. The project will cost €2.4 million, plus an extra €870,781 to purchase the plots of land needed to complete the works.
The council has revealed that it contacted several banks, having chosen BPI whose loan deal it considered the “most advantageous.”