Maynooth University in Ireland has secured a €150m loan to develop academic, research and residence facilities as part of its campus master plan.
The long-term loan has been secured from the European Investment Bank (EIB), which will provide €76m for the scheme in addition to financing from university’s resources.
The funds will also be used to construct new information and communications technology (ICT) and education hubs, apartment accommodation for 300 students, academic and student services buildings, and sports facilities.
According to Maynooth University, the projects represent the first phase of a campus master plan that is expected to help the university accommodate 13,000 students by 2020, up from the existing 10,500.
In the coming months, the university will refine the plan through internal and external consultation processes.
Maynooth University president Philip Nolan said: "This is a milestone in the journey of Maynooth University with significant investment, which will expand our capacity to deliver the highest quality educational experience in Ireland for many years to come.
"Students, parents and staff expect and deserve world-class infrastructure for learning, research and living, and this investment will help to facilitate our ambitious vision for Maynooth University."
Nolan is also set to announce the launch of a university-wide consultation process on the comprehensive master plan, which will be followed by a public consultation period.
EIB vice-president Jonathan Taylor said: "The European Investment Bank is committed to supporting investment in higher education in Ireland and across Europe.
"The planned campus expansion being announced will strengthen Maynooth University’s role as one of Europe’s leading third-level institutions and contribute to success in the years to come."
Image: Maynooth University campus expansion. Photo: courtesy of Maynooth University.