A $2 million bond from MassDevelopment will enable the International School of Boston Inc. to upgrade its Cambridge campus.

The bilingual French-American school will use the financing will be used to improve classroom and lab space, the gymnasium, playground areas, to upgrade building systems, install new technology equipment and software and conduct environmental remediation. Middlesex Savings Bank purchased the bond.

Founded in 1962 and headquartered in Cambridge, the International School of Boston has more than 600 students representing over 40 countries.

“From our primary schools to our premier colleges and universities, MassDevelopment is always proud to leverage tax-exempt bond financing to help our state’s world-class educational institutions update or expand their campuses,” MassDevelopment President and CEO Lauren Liss said in a statement. “Here in Cambridge, we’re pleased that the International School of Boston will be able to make needed improvements to its school buildings and grounds, creating a better educational experience for its students and faculty and reinforcing the campus for years to come.”