An ambitious €241m development plan has been revealed for University College Cork that will create an estimated 500 construction jobs.
University College Cork (UCC) this morning (24 November) revealed that it has signed a €100m loan agreement with the European Investment Bank (EIB) to underpin the project.
The multifaceted plan will cover student accommodation, medical research and hospital facilities, a science park, a clinical medical school, and investments at partner hospitals in Waterford, Kerry and Tipperary.
‘This is the largest investment in capital projects at UCC in our history’
– DR MICHAEL MURPHY
Some €64m of the investment will go into new student accommodation projects.
There will be a €37m investment to build the new Cork University Dental School, Research Centre and Hospital.
Around €27m will be used to fund western campus development, including the Cork Science and Innovation Park and outdoor sports facilities.
More than €90m will be spent on the new Student Hub, ICT services, facilities upgrade, refurbishment and building extensions, as well as flood remedial works and Western Gateway building infrastructure.
Under the plan, €23m will be used to fund a new Clinical Medical School for the Cork University Hospital, associated research and health innovation activity.
The funding will also help to facilitate a €10m investment across University Hospital Waterford, University Hospital Kerry and South Tipperary General Hospital.
Scale and ambition
UCC president Dr Michael Murphy. Image: Connor McKenna
“This is the largest investment in capital projects at UCC in our history,” said UCC president Dr Michael Murphy.
“The scale and ambition of the infrastructural developments align directly to key focus areas for the future, namely enhancing student experience and building on our innovation and health agenda and facilities.
“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.
“This investment by the EIB will have enormous impact, not only for UCC, but for education and research nationally and internationally.
“The EIB 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,” Murphy added.
The total development programme is valued at €241m, with EIB providing €100m finance, and further funding obtained through capital grants, borrowings and philanthropy.
In addition to this, the EIB also announced a €70m loan for campus development at Trinity College Dublin earlier this week. The EIB has made record education lending in Ireland this year, following €200m backing for school investment agreed last month.
Over the last five years, the EIB has provided more than €7bn for investment in universities across Europe, including €512m in Ireland.
“The EIB is pleased to support the impressive transformation of UCC that builds on a strong track record of internationally renowned health and innovation research,” said Andrew McDowell, EIB vice president.
“This will transform education and student facilities for future generations and ensure Cork’s role as one of Ireland’s leading research centres for years to come, as well as creating jobs and training opportunities during construction,” McDowell added.
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