Tuesday 11 December 2018

Trinity College secures €100m loan from world's largest internationally owned public bank

Trinity College Dublin
Trinity College Dublin
Amy Molloy

Amy Molloy

Trinity College Dublin has received the backing of a €100 million loan over a period of 30 years from the world's largest internationally owned public bank.

The loan, from the European Investment Bank, will contribute to four major developments at the university including the expansion of the school of law, the refurbishment of the arts block, a new student accommodation hall and an engineering and technologies initiative.

A new student hall which will accommodate 300 students will be built as part of the development.

The 30-year loan from the world’s largest internationally owned public bank will be used by Trinity alongside other sources of financing, including philanthropic donations.

Vice President of the European Investment Bank, Andrew McDowell, said: "New investment is crucial to continually strengthen research, educational excellence and world-class innovation, as well as provide students with skills for the 21st century.

"The impact of visionary investment can be seen here at Trinity College, the largest university beneficiary of European Investment Bank support in Ireland, where we have provided more than €245 million for new investment over the last decade."

Earlier this year, one of Ireland’s wealthiest families gave €25m to Trinity College Dublin in what is the single largest donation from Irish philanthropists in the history of the State.

Leading industrialist, Dr Martin Naughton and his wife Carmel, are providing the funding towards the new E3 Institute in Engineering, Energy and Environment to be built on the Trinity campus.

The donation by the Naughton Foundation is meeting almost half the €60m cost, with a further €15m committed by the Department of Education, while other private funding is also forthcoming.

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