University hosts EIB head to mark £40m funding for upgrades

0
247
The University of Hull is hosting a visit by the Vice-President of the European Investment Bank (EIB) to mark the signing of a £40m funding agreement.

The University of Hull is hosting a visit by the Vice-President of the European Investment Bank (EIB) to mark the signing of a £40m funding agreement.

Today’s visit (Tuesday, June 23) by Jonathan Taylor comes in the wake of news of significant improvements to student facilities involving four capital projects at the University.

This £98m campus development programme includes £30m for the construction of planned, new student accommodation, the £28m completed refurbishment of the Brynmor Jones Library, plus a new Health Hub and a remodeling of the Middleton Hall auditorium into a world-scale events space.

The University agreed the £40m funding last month. This funding will contribute to the cost of exciting new projects, as well as improvements to energy efficiency across the University.

Professor Calie Pistorius, Vice-Chancellor of the University of Hull, said:

Student experience, learning and teaching, research and enterprise, as well as facilities and accommodation at the University of Hull will be transformed over the next three years.

We require long-term funding for this capital programme which is essential to the University of Hull’s ambitious investment-driven strategy. These developments are key to this strategy and the funding support from the EIB has enabled us to progress these.

Jonathan Taylor, European Investment Bank, Vice-President, said:

Being able to see at first hand the ongoing transformation of the campus here in Hull demonstrates the University’s strong future in the years ahead and the European Investment Bank is pleased to help turn these plans into reality.

The University of Hull can be congratulated for planning ahead to ensure that future generations of students can benefit, as well as cutting energy costs to reduce the carbon footprint.

To qualify for funding, the University of Hull had to go through a stringent due diligence process required by the EIB, which is focused on stimulating enterprise, employment and has strict eligibility and financial criteria.

Professor Pistorius:

We had to show that we had the academic strengths and management competence to deliver on the development.

The University of Hull is committed to becoming a more sustainable institution and in doing so continues to reduce its impact on the environment. All projects for new buildings have environmental targets, and we will continue to actively monitor energy, carbon and financial savings.

Phil MacDonald, Director of Finance at the University of Hull, said:

The EIB understood our investment-driven strategy from day one, are not-for-profit and are able to lend over the long term at market leading rates.

The synergy between us is key; it is refreshing to deal with a European bank who so fundamentally share our strategic goals.