Business Irish

Thursday 19 July 2018

EIB €170m to fund university projects

NUI Galway is to develop its campus with the aid of a €60m loan
NUI Galway is to develop its campus with the aid of a €60m loan
Ellie Donnelly

Ellie Donnelly

NUI Galway has received a loan of €60m for its campus development from the European Investment Bank (EIB).

In addition to the funding for NUI Galway, Dublin Institute of Technology is also expected to receive €110m from the EIB to assist with work at its Grangegorman campus over the coming months.

The EIB funding for NUIG will be used to help cover the cost of building student accommodation, and a new building for its college of medicine, nursing, and health sciences.

"The support from EIB will assist in the completion of our new Human Biology Building, which will transform the learning environment for our health science students," said NUI Galway President Dr Jim Browne.

Over the last decade the EIB has provided €1.2bn for education investment across Ireland, including €675m for investment in third-level education in the country.

"Less than three years ago the EIB set out to ensure that all Irish universities could benefit and now Ireland is the only country in Europe where all universities have benefited from EIB-backed investment," said Education and Skills Minister Richard Bruton.

The new financing was formally signed ahead of a briefing for the presidents of the seven Irish universities outlining opportunities to broaden EIB group support.

Over the last decade the EIB has provided €28bn for education investment across the EU including support for construction and modernisation of schools and improvement in vocational training.

Irish Independent

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