UNESCO secure $112 million to loan to pay for renovation of headquarters

The United Nations Educational, Scientific and Cultural Organization (UNESCO) has secured a $112 million loan to finish the renovation of its headquarters in Paris.

On Friday, UNESCO Director-General Koïchiro Matsuura and Francis Mayer, the Director of the Bank of Savings and Loans, signed an agreement under which France would support the process. Paris agreed to guarantee the loan and pay for the interest during its 17-year life.

The headquarters, which was originally constructed during the 1950s, has deteriorated over the past 50 years, prompting the agency to start the renovation process in 2001.

Thanking France for its generosity, Mr. Matsuura said it demonstrated the host country’s support for UNESCO’s ideals.