The work at Bath covers new academic buildings and student residences, as well as a programme to refurbish teaching and research facilities.
The long-term loan represents the first support for UK higher-education under a new streamlined EIB lending programme intended to enhance lending to the sector. EIB expects to to provide £200m a year in new funding for the sector.
The European Investment Bank loan will support the university’s capital investment programme to develop the University of Bath's campus and refurbish existing buildings. The initiative will support investment in new teaching and student residence buildings. An overall goal is 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,” said European Investment Bank vice-president Jonathan Taylor. “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.”
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.
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.