GBP 50m European boost for the University of Edinburgh refurbishment

The European Investment Bank today agreed to provide GBP 50 million for ambitious refurbishment that will improve teaching and research facilities at the University of Edinburgh. Creation of the new Edinburgh Centre for Carbon Innovation, refurbishment of the main library and other key departments will also involve installation of a new energy efficiency network.

Funding agreement for the project was signed in Edinburgh today by Professor Sir Timothy O'Shea, University of Edinburgh Vice-Chancellor and Principal, and Simon Brooks, European Investment Bank Vice President.

Professor Sir Timothy O'Shea said: "We are enormously grateful to the European Investment Bank for the offer of this loan, which we are delighted to accept. It will help to fund a range of new build and refurbishment projects that will enhance the quality of the research and teaching infrastructure at Edinburgh. It will also make a significant contribution to our commitment to energy efficient facilities for students and staff."

“This project demonstrates Edinburgh University’s impressive ambition to ensure the continued improvement of teaching facilities and research for future generations of students. The European Investment Bank is committed to funding educational excellence across Europe and is pleased to support this landmark investment in one of the leading academic institutions in Scotland.” said Simon Brooks, European Investment Bank Vice President.

Scottish Education Secretary Michael Russell added: “I am very pleased that the University of Edinburgh have been able to secure additional funding from the EIB to enhance facilities at a world class institution, as well as creating a new climate change centre. The Scottish Government is already investing over £1 billion into Scottish Higher Education in the coming academic year through the Scottish Funding Council. However, as we reform Post-16 education in Scotland, this is a great example of how universities can use their excellence and experience to secure European investment. The decision by EIB reflects the excellent reputation Scottish higher education enjoys across Europe and beyond.”

The long-term loan from the European Union’s lending institution will help fund refurbishment of the University’s Main Library on George Square, allow upgrading of the Old High School building in High School Yards and improvements to School of Languages, Literature and Cultures.

The funding will also support the creation of the new Edinburgh Centre for Carbon Innovation expected to become a hub for innovative exchange of information and knowledge about the impact of a changing climate. The Edinburgh Centre for Carbon Innovation will be an innovation centre to foster collaboration between policy, community and business leaders to support and deliver a low carbon future.  The green credentials of the European Investment Bank funded scheme also include plans to cut carbon emissions on the campus to allow the University of Edinburgh to meet climate change targets.

Development of the University of Edinburgh campus will improve research collaboration and overall learning through relocation of key activities from different sites.

Over the last five years the European Investment Bank has provided £1.6 billion for education investment in the UK, including projects with Strathclyde, York and Bristol universities. Education projects financed by the EIB cover investments and development of education at all levels across the European Union. Between 1997 and 2012 the European Investment Bank provided loans worth GBP 11bn to more than 125 projects education across Europe.