European Investment Bank injects €100m into University of Limerick expansion

9 Dec 2013 0 Shares

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A €100m boost by the European Investment Bank to the University of Limerick’s Capital Development Plan 2014-2018 is to create 1,000 jobs over the five years, including 290 full-time high-value positions and 710 construction-related jobs.

The university’s €224m Capital Development Plan covers covering 50,000 sq metres and encompasses 12 infrastructural developments on the university’s north and south campuses, a new Clinical Education Research building on the site of the University Hospital Limerick, and development of a city centre campus, including student residences and an academic building in Limerick city centre.

Jonathan Taylor, European Investment Bank vice-president, said the expansion of the University of Limerick’s research and academic facilities, as well as a new library and student facilities will transform education and student life for future generations.

The European Investment Bank loan has been formally agreed by Taylor and Prof Don Barry, president of the University of Limerick, and witnessed by Michael Noonan, TD, Irish Finance Minister and Governor of the European Investment Bank.

“The University Capital Investment Plan will ensure the university is a world-class campus at the heart of Limerick and will create 1,000 jobs in Limerick," Noonan said. "This is a great boost for the city and I look forward to work commencing in the new year."

The off-campus capital developments are valued at €62m and represent 30pc of the overall investment of the Development Plan.

Funding for the remainder of the Capital Development Plan will be secured from a number of sources, including state grants, philanthropic donors, commercial activities and University of Limerick funding.

Limerick City image via Shutterstock

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