College of Surgeons aims to tap European bank for €50m redevelopment loan
The European Investment Bank (EIB) is considering a €50m loan to part fund a redevelopment of the Royal College of Surgeons site.
According to the Luxembourg-based bank, the money will be used to help finance the construction of the college's new academic and education building.
This would include a library, theatre and additional sports facilities, as well as the extension and refurbishment of some existing academic buildings at the Dublin city centre site.
The total cost of the project, which is due for completion next year, is expected to be around €103m, with the balance being provided by the college's banks and cash flow balances.
The Royal College of Surgeons said it expects to receive information from the Luxembourg bank on whether it has been successful by the end of September.
The college said the 120,000 sqft building will comprise a state-of-the-art surgical and clinical training suite containing a flexible wet lab, mock operating theatre, clinical training wards, standardised patients rooms and task training rooms.
It will also include a 540 seat auditorium, a library spanning three floors with 500 study spaces, a sports hall and fitness suite.
Construction work on the site began in October last year and is due for completion in April next year.
The college educates approximately 2,100 undergraduates, 1800 postgraduates and trainees annually.
It also employs more than 1,000 staff in Dublin.