The European Investment Bank (EIB) provides a loan of EUR 35 million for the development of an international campus of the postgraduate university in Krems, Lower Austria. The investment will improve the quality of higher education facilities in the region with a special focus on lifelong learning and research. It will improve the access to the advanced education and serve an increased student population of 4,500 students.
The project involves construction and extension of the Danube University Krems (Donau Universität Krems), adaptation of the existing building of the University for accommodation of approx. 2,500 students, construction of a new education facility of the technical university in Krems (Internationales Management Center Fachhochschule Krems) that will accommodate approx. 1,500 students. It covers conversion of a historic monument on the site (Kesselhaus) as well as the construction of a new facility to accommodate the Austrian Center for Film Studies to accommodate approx. 500 students.
The investment corresponds to the EIB lending priority to provide support to the development of the knowledge-based society in Europe as endorsed by the EU Council in Lisbon in 2000. The EIB supports investment in lifelong education and training that are vital for meeting the requirements of the changing labour market. Such investments contribute to the increase of productivity and competitiveness of the European economy.
The loan was signed with the Niederösterreichische Landesbank - Hypothekenbank AG. The project will be promoted by the Federal State of Lower Austria.
The EIB, the European Union's long term financing institution, finances economically viable investment projects that contribute towards the integration, balanced development and economic and social cohesion of the EU Member States. Outside the Union the EIB implements the financial components of agreements concluded under European development aid and cooperation policies.
The Bank provided loans to Austria amounting to more than EUR 4 billion during the recent five years. EIB loans approved for the Federal State of Lower Austria amount to EUR 240 million during this period. They involve two global loans aimed at support for small infrastructure projects (EUR 80 million) a loan under the Flood Relief Programme (EUR 50 million), construction of a thermal waste incineration plant in Zwentendorf (EUR 55 million), extension and upgrading of the hospital facilities in Mistelbach (EUR 20 million) as well as the loan signed today.