University of Limerick has secured €100 million from the European Investment Bank to help fund its capital development plan that will see the development of a new city centre campus for the college.

More than 700 construction jobs will be created over the lifetime of the project, with 290 full-time high value positions.

The €224 million plan, which is due to start next year and run until 2018, will include 12 infrastructural developments on the current north and south campuses of the university, the construction of a new clinical education research building at university hospital Limerick and new student residences and an academic building in Limerick City Centre.

The project will add further sports facilities to the campus, including a purpose built team training centre for the Munster rugby team, a new 25 metre pool and six state-of-the-art flood lit grass training pitches.

A new student centre building will also be constructed, with meeting rooms, social areas, Students Union facilities, shops, cinema, concert facilities and a Visitor Centre

Professor Don Barry, President of the University of Limerick, said the loan was an endorsement of the development plan.

The remaining funding will be sought from philanthropic donors, state grants, commercial activities and University of Limerick funding.

"This is very positive news for the University of Limerick and indeed for Limerick and the wider region as a whole," Minister for Finance Michael Noonan said. "This is a great boost for the city and I look forward to work commencing in the new year."