NUI Galway gets €60m for campus development
NUI Galway has received a loan of €60m for campus development from the European Investment Bank (EIB).
The funding will be used to help cover the cost of construction of new student accommodation, as well as 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, as well as the development of new campus student accommodation," Dr Jim Browne, President of NUI Galway said.
In addition to the funding for NUI Galway, Dublin Institute of Technology is expected to receive €110m from the EIB to assist with work at its Grangegorman campus over the coming months.
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," Richard Bruton, Minister for Education and Skills, said.
The new financing was formally signed ahead of a briefing for the Presidents of the seven Irish universities outlining new opportunities to broaden EIB group support.
This includes new financing of campus investment, support for urban development and possible provision of new loans to facilitate international mobility of postgraduate students under the Erasmus Plus initiative already rolled out in other EU countries.
Over the last decade the EIB has provided €28bn for education investment across the European Union including support for construction and modernisation of schools, improvement of vocational training, university campus development and student mobility.