University of Kent to receive £75 million European capital investment
Teaching and research facilities at the University of Kent have announced a £75 million capital injection from the European Investment Bank (EIB).
The loan funding, repayable over a period of up to 25 years, will support the University’s £211 million five-year estates capital investment plan.
The funds will be used to develop a new building for the University’s business and mathematics schools and provide additional space for the University’s academic schools that have recently seen significant growth.
The funding support was formally agreed by the University’s vice-chancellor, Professor Dame Julia Goodfellow, and Jonathan Taylor, vice president of the European Investment Bank on 13 November 2014.
Professor Dame Julia Goodfellow said: “As a top 20 university, we have a commitment to teaching and research excellence and to delivering the best possible student experience.
“We are delighted that our track record in delivering extensive and large scale development projects in support of this commitment has been recognised by the European Investment Bank. This is yet another indicator of the importance of Europe to the UK’s universities.’ Jonathan Taylor, European Investment Bank vice president: ’Jonathan Taylor, European Investment Bank Vice President said ‘Investment in research and teaching facilities at leading universities is essential for Europe’s competitiveness and to ensure that students gain skills necessary for the global economy.
“The significant new developments at the University of Kent backed by the European Investment Bank will build on the institution’s strengths.
“The EIB is very pleased to support this university as part of our broader commitment to long-term investment in higher education.’
In the last 5 years the European Investment Bank has provided more than £1.6 billion for significant campus development by 26 higher and further education institutions across the UK that has contributed to improvements in teaching and research facilities and campus life.
Last year the EIB provided nearly £5 billion for investment in water, energy, transport, health and education projects as well as corporate investment in the UK.
The EIB transaction was supported by lawyers, Cripps LLP (Tunbridge Wells) and Treasury Management Consultancy Firm, Murja Limited (Essex).
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