Trinity College has received a €100 million loan from the European Investment Bank (EIB) for a period of 30 years.
The loan, from the world’s largest internationally owned public bank, will be used to cover the expansion of the university, specifically the growth of the school of law, new student accommodation and the refurbishment of the arts block within the university.
The new student hall accommodation will house 300 students to meet the demands of the rising student population in Dublin. This accommodation will be built in addition to the student residence currently under construction on Pearse Street, which will provide housing for 250 students.
The flagship ‘E3’ – Engineering, Environment and Emerging Technologies initiative at TCD is a major benefactor of the funding, primarily through the construction of a ‘Learning Foundry’, a state of the art 6,086 square metre facility based on the main Trinity campus.
Vice President of the EIB, Andrew McDowell, said: “New investment is crucial to continually strengthen research, educational excellence and world-class innovation, as well as provide students with skills for the 21st century.”
“In recent years the EIB has supported transformational investment as all Irish universities and EIB are pleased to continue our close cooperation with the sector with the new EUR 100 million loan agreed today.”
This space will provide new teaching facilities and an interactive learning space for undergraduate and postgraduate students. The Schools of Engineering, Computer Science and Statistics, and Natural Sciences will share the new ‘Learning Foundry.’
The facility will provide an additional 1,800 places for Science, Technology, Engineering and Mathematics (STEM) students. This, in turn, will mean an increase of 50% STEM places in the next ten years.
On the loan, Provost of TCD, Dr Patrick Prendergast, said: “Without such support, we would not have been able to progress with important flagship projects such as E3 and much needed student accommodation. Their support combined with important philanthropic fundraising are essential in building a better university for the benefit of all.”
The loan will be used alongside other sources of finance from the college such as philanthropic donations. Earlier this year, the Naughton family made the single largest private philanthropic donation in the history of the state to the new E3 development by donating €25 million.