The European Investment Bank is to provide €60 million towards development of the NUI Galway campus.
The first ever loan to the university from Europe’s long-term lending institution will finance construction of campus developments including new student residences and a new building for its college of medicine, nursing and health sciences.
Dr Jim Browne, president of NUI Galway, said the university was nearing the conclusion of a 10-year capital development plan, which has "transformed" the campus.
While philanthropic and State funding have enabled much of this expansion, he said support from EIB will assist in the completion of the college’s new human biology building.
This, he said, would provide a new learning environment for health science students, as well as the development of new campus student accommodation. Construction of new residences for 430 students is also underway.
In recent years the EIB has financed investment to improve teaching, research and student facilities at Trinity, UCD, DCU, University College Cork, Maynooth University and the University of Limerick.
The EIB is also expected to provide €110 million to support consolidation of the Dublin Institute of Technology campus at Grangegorman in the coming months. It is examining additional financing for investment at other third level institutions in Ireland.
The European Investment Bank said it was committed to ensuring that “world-class” third level institutions across Ireland can build on their strengths in the years ahead with access to funding.
“Irish universities are recognised around the world for both their academic and research renown, and enjoyable student experience,” said Andrew McDowell, European Investment Bank vice-president.
“This follows successful co-operation between the EIB and all Irish universities and €1.2 billion support for Irish education investment in recent years.”
Following agreement for the new financing for NUI Galway the EIB will have supported campus investment at all seven members of the Irish Universities Association.
In a statement, Minister for Education Richard Bruton said this funding has already helped fund new schools and universities in Cork, Limerick, Maynooth and Dublin.
"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," Mr Bruton said.