The European Investment Bank (EIB) granted, on 27 May, to Parque Escolar (PE), a public entity owned by the Portuguese government, a €600 million loan to finance the first stage (2007-2012) of the Portuguese secondary school modernisation programme, covering the planning, rehabilitation and expansion, as well as furnishing and equipping of 211 secondary schools, benefiting over 240,000 students. It will include new teaching, leisure and administrative facilities, libraries, computer rooms, science labs, canteens, bookshops, conference halls, workshops for vocational education and sport facilities. The facilities will also be used by the local community.