University College Cork (UCC) has announced that the European Investment Bank (EIB) will provide €50 million for the development of the new Cork University Business School (CUBS).
The announcement was made as the EIB-Ireland Financing Group meets in UCC on Friday to explore how future EIB engagement can assist economic development, job creation, and Ireland’s transition to a low-carbon and sustainable future.
Planning permission for UCC’s CUBS building, which will be located in Cork city centre, was granted by the local authority last month. It will be designed by a team led by RKD architects.
The development will provide an economic boost to the area by bringing over 4,500 students and 225 staff into the city centre every day. It is anticipated that construction of the new building will commence in May of next year.
Minister for Finance, and the Governor of the European Investment Bank, Michael McGrath said that the investment highlights the EIB’s “vote of confidence in UCC”.
“[This] first dedicated support for business school investment in Ireland will benefit Cork and provide the world class skills we need for Ireland’s future business leaders.”
Minister for Further and Higher Education, Simon Harris, said that the EIB’s continued support for Irish universities is instrumental in driving educational excellence and providing students with world-class learning environments.
“This investment in Cork University Business School will greatly benefit not only the students and staff but also the broader economy as it contributes to producing highly skilled graduates and fostering entrepreneurship.”
The EIB is the long term lending institution of the European Union and finances investments that contribute towards EU policy goals.
Ricardo Mourinho Félix, European Investment Bank Vice President, said that over the last 12 years the EIB has backed visionary investment to transform academic and student life at all of Irish Universities.
“The EIB is delighted to support Cork University Business School’s pursuit of academic and business excellence and support new investment to provide students and staff with a world-class facility that fosters collaboration, creativity, and knowledge exchange. The new EUR 50 million financing for Cork University Business School demonstrates the EIB’s firm commitment to strengthen education and research institutions that contribute to Ireland’s economic and social development.”
In addition to the EIB loan announced today, the €115 million CUBS Development Project will be financed via exchequer support and a €25 million Higher Education Strategic Infrastructure Fund (HESIF) award.
In addition Cork University Foundation will spearhead a philanthropy campaign to raise the remaining funds. CUBS is one of Ireland’s largest business schools, producing 1,000 graduates annually, and is a worldwide top 200 double accredited (AACSB and AMBA) business school.
Professor John O’Halloran, President of UCC has expressed gratitude for the EIB’s support.
“We are developing a stunning addition to Cork city. Business schools act as dynamic hubs of learning, innovation and entrepreneurship in cities and we are excited to develop a new home for our future business students. We have a track record of working with the EIB and developing a global business school for Cork will lead to lasting benefits for our city, region and nation.”
