Urgent Business Committee convener and 3Rs Project Board chairman Councillor Kevin Stewart said: "We have agreed to provide a further loan of £4m to provide interim refinancing for the 3Rs project, which ensures that construction of four of the schools will be completed on schedule."
Corporate Director for Resources Management Gordon Edwards said: "The Icelandic bank Landsbanki is actively pursuing a number of long-term funding options and working closely with the city council on this work."
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Landsbanki is also providing a sum of money as interim funding until the end of May.
The funding agreed on Friday means that the two new academies, Bucksburn and Cults, can be completed on schedule in October, and the two primary schools under construction, Airyhall and Heathryburn, can be completed by August and early May respectively. The city council continues to maintain excellent working relations with the main contractor, Pihl UK Ltd.
Aberdeen city councillors previously approved a short-term loan to the consortium of £5m late last year and agreed at that time to re-appraise the financial situation at the end of March if long-term refinancing was not in place by then.
The loans from Aberdeen City Council are subject to strict terms and conditions.
The project is being carried out by NYOP Education, a consortium comprising: Nysir, an Icelandic property and property management company; Pihl & Son, a Danish contractor; and OPERON, a UK facilities management company.
(GK/JM)
