University of Limerick secures €100m loan
THE University of Limerick has secured a €100m loan from the European Investment Bank to support a major capital development plan on the campus.
The long-term loan will help implement the University’s €224 million investment programme which includes the construction of new medical, pharmaceutical and engineering facilities, and an elite team training centre for Munster Rugby.
Speaking at today's announcement Michael Noonan said one his key tasks as Minister for Finance is to re-open financing options "that had been closed off to Ireland".
"We have engaged extensively with the EIB since taking office and see great opportunities for EIB funded projects in Ireland. It has been nearly 30 years since UL have borrowed from the EIB and today’s announcement is an excellent example of the type of flagship project that collaboration with the EIB can deliver for Ireland.”
Minster Noonan said UL's five year development plan will ensure the University is a world class campus at the heart of Limerick
Jonathan Taylor, European Investment bank Vice President for Ireland said the EIB is "committed to long-term investment in Irish education".
The full UL Capital Development Plan will be officially launched later in the year.
The five-year plan includes a number of developments, among them: advanced research facilities for the fields of pharmaceutical science, biomedical engineering, health and energy; a clinical research education building located on the campus of University Hospital Limerick; an elite team training centre for Munster Rugby.
The remaining funding for UL’s Capital Development Plan will be secured from a number of sources, including philanthropic donors, State grants and University of Limerick funding.
Speaking at today's announcement Professor Don Barry, UL President said:
“The approval of this loan facility clearly indicates a very welcome endorsement of UL’s development plans by the European Investment Bank... We look forward to working closely with the EIB to optimise the benefits which this will deliver for UL, for Limerick and for Ireland and the EU."