UCC secures loan for ‘largest investment in our history’
EIB loan will support €240 million investment programme at University College Cork
University College Cork will sign a €100 million loan agreement with the European Investment Bank on Thursday. File photograph: Getty Images/iStockphoto
University College Cork will sign a €100 million loan agreement with the European Investment Bank on Thursday which will support a €241 million development plan for the university which currently caters for over 20,000 students.
UCC President Dr Michael Murphy will welcome the delegation of European Investment Bank senior officials to UCC, announcing that the €100 million 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. 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,” he said.
Among the features of the€241 million development plan which the loan will support are a €64 million investment in Student Accommodation projects, a €37 million investment in a new Cork University Dental School and a €27 million funding in a Western Campus Development.
This latter development includes the first phase of the Cork Science and Innovation Park in Curraheen as well as investment in outdoor sports facilities which will move from its current location in Curraheen to an adjacent site to make room for the Science and Innovation Park.
Dr Murphy said the EIB investment, which will also allow a €90 development of a new student hub, will have enormous impact not only for University College Cork, but for education and research 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.
“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,” said Mr McDowell.