University College Cork has signed a €100 million loan agreement with the EIB (European Investment Bank) on Thursday (24thNov) which will support UCC’s €241 million development plan for the University. UCC President Dr. Michael Murphy welcomed the EIB delegation of senior officials to UCC, and announced that the loan will be used to fuel the most exciting phase of the University’s expansion to date. Dr. Michael Murphy also praised the investment for UCC’s unprecedented €241million outlay on capital expenditure, as a “ringing endorsement of the institution.”
“This is the largest investment in capital projects at UCC in our history. The scale and ambition of the infrastructural developments align directly to key focus areas for the future, namely enhancing student experience and building on our innovation and health agenda & facilities,” he said.
The development plan, which the loan will support includes a €64 million investment in student accommodation, a €37million investment in a new UCC Dental School and €27 million will fund a Western Campus development. This Western Campus development will include the first phase of a Cork Science and Innovation Park in Curraheen, in addition to outdoor sports facilities which will relocate from its current location in Curraheen to an adjacent site to provide space for the Science and Innovation Park.
The investment will provide for a €90million development of a new student hub, which Dr. Murphy said will “have enormous impact not only for UCC but for education nationally and internationally.”
“We are investing significantly in student accommodation, student ICT services and a new student hub, as well as developing the medical, dental, paediatrics research, clinical health, innovation and research facilities to continue to fuel progress and success in these areas.
“The European Investment Bank funding is a real expression of confidence and support in UCC, its staff and students and will greatly assist the University in further improving its teaching and research facilities,” he said, adding the investment will create 500 jobs during construction work.
EIB Vice President, Andrew McDowell said the EIB was please to support “the impressive transformation of UCC that builds on a strong track record of internationally renowned health and innovation research.”
Mr McDowell remarked that “this will transform education and student facilities for future generations and ensure Cork’s role as one of Ireland’s leading research centres for years to come, as well as creating jobs and training opportunities during construction.”
The EIB loan will provide €100m of the planned €241m investment, the rest of which UCC said will be funded through capital grants, borrowings, and philanthropy.
In addition to the €100m UCC loan, the EIB also this week announced a €70m loan for campus development at Trinity College Dublin.