Andrew Carey
andrew@limerickpost.ie
UP TO 1,000 jobs are to be created in Limerick ver the next five years after the University of Limerick agreed a long term lending package with the European Investment Bank that will see 12 new projects unfold including a new significant presence for UL in Limerick city centre.
In an agreement signed today with the EIB to fund €100m to the project, the University of Limerick will be able to embark upon on of the biggest projects of its kind with the European lenders.
Signed by Jonathan Taylor, Vice President EIB, UL president Professor Don Barry and witnessed by Minister for Finance Michael Noonan and John Moran Secretary General at the Department of Finance, the agreement paves the way for the University of Limerick’s to begin construction almost immediately where it is expected to draw the first dispersement of the €100m loan facility to fund its Capital Development Plan 2014 – 2018.
The entire project is expected to cost some €224 million and the remaining funds will be secured from State grants, philanthropic donations, commercial activity and University of Limerick funding and according to Professor Don Barry over half of this has been secured already.
The university’s ambitious €224million Capital Development Plan consists of 12 infrastructural developments on the University’s north and south campus, construction of a new Clinical Education Research building on the site of the University Hospital Limerick, and development of a City Centre Campus including student residences and an academic building in Limerick City Centre.
290 academic jobs will be created with the new expansion while some 710 jobs will be created in the construction industry tasked with bringing the plans to life.
Professor Don Barry said that “The granting of this loan facility clearly indicates a very welcome endorsement of UL’s development plans by the European Investment Bank. We look forward to working closely with the EIB to optimise the benefits which this will deliver for UL, for Limerick and for Ireland and the EU as we extend UL’s role as a dynamic agent of economic, social and cultural development”, and added that “UL is committed to making a major contribution to the Limerick 2030 Economic and Spatial Plan”.
In signing today’s agreement, Mr Taylor said that he is sure “it will both transform education in the west of Ireland and significantly improve student life in Limerick for future generations.
Minister Noonan stated: “This is very positive news for the University of Limerick and indeed for Limerick and the wider region as a whole. The University Capital Investment Plan will ensure the University is a world class campus at the heart of Limerick and will create 1,000 jobs in Limerick. This is a great boost for the City and I look forward to work commencing in the new year.
“The Irish economy is recovering and I see great opportunities for future EIB funded projects in Ireland”, added Minister Noonan.
