The news comes as UCC signs a €100 million EIB Loan announcing a total investment of €241 million to fund significant University developments.
The European Investment Bank (EIB) will sign a €100 million loan agreement with University College Cork this week. The EIB investment will support an ambitious €241 million development plan for UCC which includes;
· €64 Million investment supporting Student Accommodation projects;
· €37 million investment to build a new Cork University Dental School, Research Centre & Hospital;
· €27 million to fund Western Campus Development including the Cork Science & Innovation Park (Phase 1) & Outdoor Sports Facilities;
· More than €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;
· €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 €10 million University investment across University Hospital Waterford, University Hospital Kerry and South Tipperary General Hospital.
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.
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.
“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,” said UCC President Dr. Michael Murphy.
“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.
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 €241 million, with EIB providing €100 million finance, and further funding through capital grants, borrowings and philanthropy.