Europe’s long-term lending institution, the European Investment Bank (EIB) will sign a EUR 100 million loan agreement with University College Cork.

The EIB investment will support an ambitious EUR 241 million development plan for UCC, which is the current holder of the Sunday Times University of the Year award.

Projects include: 

• EUR 64 Million investment supporting Student Accommodation projects; 
• EUR 37 million investment to build a new Cork University Dental School, Research Centre & Hospital;
• EUR 27 million to fund Western Campus Development including the Cork Science & Innovation Park (Phase 1) & Outdoor Sports Facilities;
• More than EUR 90 Million expenditure for a new Student Hub, ICT Services, Facilities upgrade, refurbishment, building extensions as well as flood remedial works and Western Gateway infrastructure;
• EUR 23 Million to fund new Clinical Medical School for the Cork Hospitals and associated research and health innovation activity;
• The funding will also help facilitate a EUR 10 million University investment across University Hospital Waterford, University Hospital Kerry and South Tipperary General Hospital. 

With more than 500 new jobs likely to be created in the construction sector during the investment term, the impact for the Cork region will also be very significant.

UCC President Dr Michael Murphy will welcome the delegation of European Investment Bank senior officials to UCC later today, to announce that the EUR 100 EIB loan would fuel the most exciting phase of the University’s expansion to date.

“The European Investment Bank is pleased 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 Andrew McDowell, European Investment Bank Vice President.

“This will be 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 facilities,” said UCC President Dr. Michael Murphy.

“We are investing significantly in student accommodation, student ICT services and a new student hub as well as developing the medical, dental, pediatrics 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,” he added.

More than EUR 60 million 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.

After student experience, Health and innovation projects will see the largest infrastructural developments such as the relocation of the Cork University Dental School, Research Centre and Hospital, a new Clinical Medical School in healthcare education and research for the Cork Hospitals and facilitate UCC investment with health partners in University Hospital Waterford, University Hospital Kerry General & South Tipperary General Hospital. 

The current outdoor sports facilities at the ‘UCC Farm’ will be relocated to the adjacent site, to allow for the first phase of the Cork Science and Innovation Park to begin.

The total development programme is valued at EUR 241 million, with EIB providing EUR 100 million finance, and further funding through capital grants, borrowings and philanthropy.

In addition to the new EUR 100 million UCC loan, the EIB also announced a EUR 70 million loan for campus development at Trinity College Dublin earlier this week. The EIB has made record education lending in Ireland this year following EUR 200 million backing for school investment agreed last month.

Over the last five years the EIB has provided more than EUR 7 billion for investment in universities across Europe, including EUR 512 million in Ireland. Ireland is the fifth largest country of operation for European Investment Bank support for universities.