Search EN menu en EIB GROUP CLIENT PORTAL
Search
Results
Top 5 search results See all results Advanced search
Top searches
Most visited pages

Signature(s)

Amount
€ 50,000,000
Countries
Sector(s)
Ireland : € 50,000,000
Education : € 50,000,000
Signature date(s)
20/12/2023 : € 50,000,000
Link to source

Summary sheet

Release date
8 March 2023
Status
Reference
Signed | 20/12/2023
20210091
Project name
Promoter - financial intermediary
CORK BUSINESS SCHOOL
UNIVERSITY COLLEGE CORK
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 50 million
EUR 130 million
Location
Sector(s)
Description
Objectives

The project concerns the construction of a new 15,000m2 business school at University College Cork (UCC) in the centre of the city of Cork in southern Ireland. The project will support the consolidation of the business school departments into one site in modern facilities to enhance the teaching and learning environment.

The Project contributes to the European Higher Education Area by providing modern facilities and additional space for quality teaching in a key higher education institution in Ireland. The Project is in line with the Irish Government's 'Project Ireland 2040'. The National Planning Framework prioritising balanced regional development outside of Dublin. Cork is one of Ireland's fastest growing regions and the development of the business school is expected to play a specific role in ensuring the region is attractive to business investment and provides access to quality higher education for the region's youth. The project is therefore eligible under Article 309 point (c) common interest (Innovation, Human Capital).

Additionality and Impact

The project addresses a demography-driven investment gap with regard to the provision of places in higher education in Ireland. Public higher education has the nature of a public good for which the operator cannot capture sufficient financial benefits, justifying public intervention.

The Project provides a modern state-of-the-art academic environment for students and staff in a key higher education institution in Ireland. The new building will provide space for the business school's expansion in light of a demography-driven increase in the number of domestic students, and supports the university's aim to be globally competitive and attract and increasing number of international students. 

The building will be a highly energy performing building and includes climate adaptation measures.


The financing proposed offers features such as revisable rates, longer grace periods and a long tenor that improve the affordability of the project.


Environmental aspects
Procurement

Directive 2011/92/EU amended by Directive 2014/52/EU on Environmental Impact Assessment (EIA) does not specifically cover higher education infrastructure, leaving it at the discretion of the responsible competent authorities to request an EIA on the basis of the location and scale of the works concerned. However, higher education infrastructure may fall under Annex II of the Directive with respect to urban development. The public buildings will be required to at least meet the energy efficiency targets as defined in Directive 2010/31/EU on the energy performance of buildings and Directive 2012/27/EU on energy efficiency. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation and climate adaptation. Social and environmental aspects as well as any aspects related to historical and cultural heritage will be verified during the appraisal.

The Bank will require the promoter to ensure that contracts for implementation of the project will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/24/EU as well as Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Milestone
Under appraisal
Approved
Signed
17 April 2023
20 December 2023
Link to source
Summary sheet
Other links

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - CORK BUSINESS SCHOOL
Publication Date
18 Apr 2023
Document language
Main Topic
Lending
Document Number
162564114
Document Focus
Environmental Information
Project Number
20210091
Sector(s)
Regions
Countries
Publicly available
Download now
Other links

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

Media enquiries

Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

Related publications