Edinburgh University receives £50 million investment loan

The University of Edinburgh has gained a significant financial boost to teaching and research, securing a £50 million long-term loan from the European Investment Bank.

The finances will help facilitate a number of environmentally-friendly endeavours, including the installation of an Energy Efficiency Network as well as the newly created Edinburgh Centre for Carbon Innovation.

Additionally, it will support the renovation of the university's Main Library and enable improvements at the School of Literatures, Languages and Cultures.

The European Investment Bank has provided £1.6 billion worth of investment in education across the UK in the last 5 years.

Simon Brooks, Vice President of the bank, said: “The European Investment Bank is committed to funding educational excellence across Europe and is pleased to support this landmark investment in one of the leading academic institutions in Scotland.”

The Edinburgh Centre for Carbon Innovation will be based in High School Yards and will enable the university to collaborate with businesses and the community in order to conduct research on finding low-carbon solutions for the prevention of global warming. The centre will also be supported by both Heriot-Watt University and Edinburgh Napier University.

Sir Timothy O’Shea, University Principal, said: “We are enormously grateful to the European Investment Bank for the offer of this loan, which we are delighted to accept. It will help to fund a range of new build and refurbishment projects that will enhance the quality of the research and teaching infrastructure at Edinburgh. It will also make a significant contribution to our commitment to energy efficient facilities for students and staff”.

The European Investment Bank has provided key investment to a number of education projects in the UK on behalf of the European Union, providing loans worth £11 billion to institutions between 1997 and 2012.