University College Cork’s unprecedented €241m outlay on capital expenditure is a ringing endorsement of the institution, according to college president Dr Michael Murphy.
Dr Murphy will today welcome officials from the European Investment Bank to UCC, and the delegation is expected to officially sign off on a €100m loan to the college tomorrow.
The university predicts that some 500 jobs will be created during the construction stage of the various projects.
“This investment by the EIB will have enormous impact, not only for University College Cork, but for education and research nationally and internationally,” Dr Murphy said.
“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.
More than €60m will be invested in student accommodation, with additional capital expenditure of several million on a new student hub and other services, from information and communications technology (ICT) services to UCC campus facilities upgrades, extensions, and refurbishments.
After student facilities, health and innovation projects will see the largest infrastructural investments.
The Cork University Dental School, Research Centre and Hospital is to be relocated, while a new Clinical Medical School for healthcare education and research for Cork hospitals will be established.
The funding will see further investment in UCC’s health partners in University Hospital Waterford, University Hospital Kerry (Tralee) and South Tipperary General Hospital (Clonmel).
Some €27m will go towards a western campus development, including the first phase of the long-proposed Cork Science and Innovation Park in Curraheen.
UCC’s current outdoor sports facilities at the ‘Farm’ will be relocated to an adjacent site to allow for this first phase to begin.
In addition to the €100m UCC loan, the EIB also this week announced a €70m loan for campus development at Trinity College Dublin.
The EIB loan will provide €100m of the planned €241m investment, the rest of which UCC said will be funded through capital grants, borrowings, and philanthropy.
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