The investment of €60 million by way of a low-cost, long-term, loan to NUI Galway will greatly benefit Galway, the west, and the university, says the Minister for Community Development, Seán Kyne.
A strong and vibrant higher education sector in Galway is important for a variety of reasons, not least for students and prospective students, he says.
"This €60 million investment will help fund a new building for the College of Medicine, Nursing and Health Sciences and will provide greater opportunities for learners, including mature students and people looking to upskill.
“In addition, new facilities will stimulate research and learning which boosts the local economy and job creation. Investment, in particular in medicine and health sciences, is important for maintaining and enhancing the cluster of medical device and health science companies in the west while also encouraging entrepreneurship and innovation," he says.
Minister Kyne says this investment in NUIG from the European Investment Bank - the EU’s non-profit lender - along with the recent €24 million investment in GMIT for a new STEM building, is important for the development of the Atlantic Economic Corridor.
“Today’s funding from the European Investment Bank is the first such allocation for NUI Galway and follows a decade of expansion and development at NUIG during outgoing president, Dr Jim Browne’s, tenure leading the university which has seen NUIG achieve its highest international rating and its designation as University of the Year 2018 in the Sunday Times’ University Guide."