The European Investment Bank (EIB) has agreed to provide £65 million ($101.6 million) loan to the University of Bath in the UK to further develop its campus and refurbish existing buildings.
EIB stated that the loan amount will support the university’s capital investment programme to further develop the University of Bath’s campus and refurbish existing buildings.
The initiative will support investment in new teaching and student residence buildings and have an overall goal to expand and improve the quality of research and teaching facilities on the site.
Jonathan Taylor, vice president of EIB, said: “Significant new investment in the University of Bath campus will benefit future generations of students and enhance education and research. EIB is pleased to support this investment programme and sees this flagship initiative as a benchmark for further streamlined lending to higher-education institutions across the UK.
“This project demonstrates our strong commitment to long-term investment in UK universities and helping to develop education infrastructure both in the UK and across Europe.”
The university has retained framework consultants and appointed two architectural firms to design the new buildings, who will be finalised soon. The construction work began earlier in 2013 on the main programme and is anticipated to be completed by the end of 2016. The project will create more than 1,600 construction jobs.