25 million EU funding for the Polytechnic University of Bucharest
It is the first EIB support package for higher education
- August 21, 2019 14:30
- Monika Dimitrova
The European Investment Bank has announced that it will provide financial support of 25 million euros to improve the quality, efficiency and effectiveness of teaching, learning and research at the Polytechnic University of Bucharest (UPB), a leading Romanian university.
The EIB loan will finance the University campus redevelopment plan involving the construction of a new building to accommodate 3 faculties currently located on the historic Polizu campus. The goal is to regroup the faculties located at Polizu on the Noul Local Campus and to upgrade the facilities to a standard with which they can best support teaching, learning and research activities. In this way more than 5 000 students and 273 employees will benefit from the redevelopment of the main University campus. During the implementation, the project will create around 1 000 jobs.
The project agreement is backed by the European Fund for Strategic Investments, the heart of the Investment Plan for Europe (also known as “Juncker Plan”). Under this plan, the European bank and the European Commission help to increase the EIB’s risk bearing capacity, thereby improving its product offer and enhancing the potential impact of projects.
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