Ireland's DCU unveils infrastructural development proposal
Dublin City University (DCU) has revealed a €230m plan for construction of a student centre, sports facilities, modern digital teaching spaces, and an extension to on-campus accommodation.
A long-term loan has been secured for the project, as well as bridging finance for infrastructural improvements to be carried out in next five years.
The plan is financially backed by Ireland Strategic Investment Fund, which is managed by National Treasury Management Agency (NTMA).
It initially committed to provide €54m for student accommodation projects, but is now funding in parallel with the European Investment Bank (EIB).
Philanthropic donations, government grants, and student contributions are also providing financial assistance.
Ireland Strategic Investment Fund director Eugene O'Callaghan said: "Education is a key enabler of national competitiveness and being able to provide commercial funding for such a critical part of DCU's facilities aligns strongly with our dual investment mandate.
"We have also utilised one of the fund's key differentiating features to facilitate significant parallel funding by the EIB."
EIB's 23-year loan to DCU for €76m will support investment and improve university facilities, including the construction of new research and innovation buildings.
Construction of the student centre is expected to commence later this year, which will facilitate social, cultural, global engagement and entrepreneurial activities for students.
Image: Dublin City University (DCU) announced its €230m capital development plan, which aims to physically transform university campus. Photo: courtesy Dublin City University.