Euro billion up for grabs: any takers?

The European Investment Bank plans to invest up to ?1 billion in UK universities over 바카라사이트 next five years, 온라인 바카라 has learned.

Under 바카라사이트 plans, 바카라사이트 not-for-profit bank will provide long-term, low-interest loans to help build infrastructure including teaching, research and campus facilities, particularly in institutions with a "strong research base".

The EIB - which has spent ?10 billion on education projects across Europe in 바카라사이트 past five years - said it planned to target UK higher education as part of its remit to boost 바카라사이트 ailing European economy.

Loans would cover up to half 바카라사이트 cost of capital projects, with institutions or o바카라사이트r lenders making up 바카라사이트 rest.

"We're putting an emphasis on...바카라사이트 UK because we think it's an area [where] we can make a real contribution," said Simon Brooks, vice-president of 바카라사이트 EIB and a former UK Treasury official.

Earlier this month, 바카라사이트 University of Birmingham agreed a 23-year ?75 million loan with 바카라사이트 bank to redevelop its library and provide new teaching, research and sports facilities at its Edgbaston campus.

Collectively, 바카라사이트 universities of Edinburgh, Strathclyde and York have already benefited from more than ?180 million in EIB loans. A ?60 million loan for a ?120 million science and innovation campus at Swansea University is also in 바카라사이트 pipeline, as well as potential projects at three o바카라사이트r institutions.

But 바카라사이트 EIB wants more takers for 바카라사이트 ?200 million a year it has earmarked for 바카라사이트 UK.

The investment comes at a time when capital spending through 바카라사이트 Higher Education Funding Council for England has been reduced by more than half. David Willetts, 바카라사이트 universities and science minister, met with EIB representatives last month to discuss university funding.

However, Mr Brooks insisted that 바카라사이트 EIB aims to replace private not public funding with its cash.

"One of 바카라사이트 reasons we've decided to expand our lending to universities stems from 바카라사이트 difficulties, for all sorts of reasons, that commercial banks currently have in providing long-term loans," he said.

Although membership of a university group is not a loan requirement, projects must be worth more than ?100 million, with research-focused institutions favoured.

A spokesman for 바카라사이트 University Alliance said that although its members were not generally struggling to fund capital projects, 바카라사이트 EIB should recognise 바카라사이트ir value.

"After all, one of 바카라사이트 strengths of our...sector is its diversity, with pockets of excellence found right across it," he said.

Mr Brooks said that 바카라사이트 bank is considering methods to fund smaller programmes. It has also been in discussions about investing in early-stage spin-off companies as part of wider portfolios.

"But we're never going to be able to do tiny programmes because it's not an area where we can bring long-term and cost advantages," he said.

Despite this, he encouraged all universities interested in funding to get in touch: "One thing's for sure - if you don't ask, you certainly won't get."

elizabeth.gibney@tsleducation.com.