On May 2005 the European Investment Bank and the Republic of Serbia signed the Loan Agreement for The Schools Upgrading Project. Under this Agreement it is proposed to construct five elementary and three secondary schools throughout Serbia. Included within the Project is the renovation of a Special Education Needs School. The procurement and distribution of school furniture and equipment is also a part of the project's Terms of Reference.

The estimated cost of the project is 50 million euros. 25 million euro being provided under the EIB Loan (for the school design consultancy work, technical control of the design consultancy work, supervision of construction, school works construction, procurement of furniture and equipment), and 25 million euro is a contribution of the Republic of Serbia and will fund the procurement of land for the school locations and the infrastructure development for the schools.

More information could be found on the Project Implementation Unit's website.