The European Investment Bank (EIB) has agreed to provide a £65m loan to the University of Bath in the UK to further develop its campus and refurbish existing buildings.
EIB loan will support the university’s capital investment programme, which includes refurbishment of teaching and research facilities.
The funds will also be used to construct new academic buildings and student residences in order to expand, as well as improve, the quality of research and teaching facilities in the campus.
EIB vice-president Jonathan Taylor said the new investment in the University of Bath campus will benefit future generations of students and enhance education and research.
"This project demonstrates our strong commitment to long-term investment in UK universities and in helping to develop education infrastructure both in the UK and across Europe," Taylor said.
The university has retained framework consultants and appointed two architectural firms to design the new buildings, who will be finalised soon.
University of Bath deputy vice-chancellor Professor Kevin Edge said the investment on campus is being done with the future in mind.
"Our aim is to further enhance our ability to deliver an outstanding student experience and the highest quality research," Edge said.
Construction work began earlier in 2013 on the main programme and is anticipated to be completed by the end of 2016.
In 2012, the University of Bath submitted a £100m planning application to Bath and North East Somerset Council to improve its campus.
The application included four major schemes to provide new teaching space, student accommodation and a Centre for the Arts.
Earlier in 2013, EIB and Barclays also agreed to provide £55m in funding to the University of Leicester in the UK to upgrade its campus.
Image: EIB loan will support the University of Bath’s capital investment programme. Photo: Courtesy of European Investment Bank.