UCC and Trinity secure €170m loans from European Investment Bank

The money will create significant expansion for both universities, including a new dental hospital in UCC and a new business school in Trinity.

The EIB has made record education lending in Ireland this year following €200m backing for school investment agreed last month.

Ireland is the fifth largest country of operation for European Investment Bank support for universities in the EU.

"These are excellent investment programmes being led by both universities and the European Investment Bank is delighted to the major financing partner of both universities in delivering these investments which will be a great signal that's being sent out to the student population of both cities and the research population of both cities that the EIB intends to support the expansion of both of these esteemed universities," said EIB vice president Andrew McDowell.

UCC president Dr Michael Murphy welcomed the delegation of European Investment Bank senior officials to UCC, announcing that the €100m EIB loan would fuel the most exciting phase of the University’s expansion to date.

"This is the largest investment in capital projects at UCC in our history," he said.

"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 and facilities.

"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.

"This investment by the EIB will have enormous impact not only for University College Cork, but for education and research nationally and internationally.

"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."

More than €60m will be invested in student accommodation, with additional capital expenditure of several million on a new student hub and student services from ICT to UCC Campus facilities upgrades, extensions and refurbishments.

Dr Patrick Prendergast, provost of Trinity College Dublin said:"We are investing in educational and research facilities for the benefit of all our students and staff.

"This week Trinity joined the League of European Research Universities (LERU) Europe’s leading network of research intensive universities whose main focus is to build on the research and educational strengths of all its partners.

"Due to the current lack of funding of higher education in Ireland, the financing EIB has provided to Trinity has been crucial in our maintaining current and future standards.

"Without such support, quite frankly we would not have been able to progress with important flagship projects such as the Trinity Business School and Oisín House.

"Their support combined with important philanthropic fundraising are essential in building a better university for the benefit of all."