13 August 2013
GBP65m European Investment Bank backing for University of Bath campus
The European Investment Bank has agreed to provide GBP 65m to fund new academic buildings and student residences, as well as a significant programme to refurbish teaching and research facilities at the University of Bath. This long-term loan by Europe’s long-term lending institution represents the first support for UK higher-education under a new streamlined lending programme intended to enhance lending to the sector.
The European Investment Bank loan 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.
“Significant new investment in the University of Bath campus will benefit future generations of students and enhance education and research. The European Investment Bank 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.” said European Investment Bank Vice-President Jonathan Taylor.
Deputy Vice-Chancellor Professor Kevin Edge said: “Our continuing ability to attract some of the brightest and most gifted students and staff to our University means we can face the future with great confidence. It is with the future in mind that we are continuing to invest in our campus. Our aim is to further enhance our ability to deliver an outstanding student experience and the highest quality research.”
New buildings are being designed by the University’s retained framework consultants and through two major architectural appointments being made through the EU OJEU process which are close to being finalised. The designs are to an Energy Performance Certificate (EPC) of B as a minimum and a target of A for new and refurbishment projects, with an emphasis on minimising whole life costs.
Construction work started earlier this year on the main programme and is expected to be completed by the end of 2016. Over 1,600 people will be employed during the construction works.
The European Investment Bank recognises the long-term investment needs for universities and higher education institutions across the UK and over the coming years expects to be able to provide £200 million a year in new funding for the sector. The new support for the University of Bath represents the first loan under a new streamlined lending programme to support investment in UK universities.
Over the last five years the European Investment Bank has provided £1.5 billion for education investment in the UK. Between 2008 and 2013 the European Investment Bank provided loans worth more than £17 billion to 201 education projects across Europe.
Other projects in the south-west recently funded by the European Investment Bank include the Southmead Hospital in Bristol, investment by South West Water, a new combined heat and power plant in Devon and new intercity rolling stock on First Great Western routes.
The European Investment Bank:
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
European Investment Bank: Richard Willis, +352 621 555 758, email@example.com
University of Bath: Press Office +44 (0)1225 386 883 firstname.lastname@example.org