Trinity College secures €100m 30-year EIB loan

Trinity College Dublin has secured a long-term loan of €100 million from the European Investment Bank to fund four development projects on its campus.

These include the soon-to-be-built €60 million E3 Institute, which brings together the subjects of engineering, energy and environment under one roof.

The other projects include refurbishment of the arts block, an expansion of the school of law and new student accommodation at Trinity Hall in Dartry, Dublin 6.

The 30-year loan is to be used by Trinity alongside other sources of financing, including philanthropic donations.

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The E3 institute is also being supported by a €25 million donation from Glen Dimplex founder Martin Naughton and his wife, Carmel, the largest single philanthropic donation in the history of the State. The Higher Education Authority has also promised an additional €15 million for the development.

€1 billion

The EIB, which is the financial arm of the European Union, last year provided €1 billion in financing for projects in the Republic.

Key infrastructure projects supported by the bank in recent years include Luas Cross City and the building of Terminal 2 at Dublin Airport.

The bank also committed €100 million late last year to finance Dublin Port's Alexandra Basin redevelopment project and has increased lending to the private sector for companies that include listed Irish life sciences group Malin and agritech firm Devenish Nutrition.

"We are investing in educational and research facilities for the benefit of all our students and staff," said TCD provost Dr Patrick Prendergast. "The financing EIB has provided to Trinity has been crucial in strengthening our research and education facilities. Without such support, we would not have been able to progress with important flagship projects such as E3 and much-needed student accommodation."