July 9 (SeeNews) - The European Investment Bank (EIB) said on Tuesday it is lending Romania 25 million euro ($28 million) to improve the quality, efficiency and effectiveness of teaching, learning and research at the Polytechnic University of Bucharest (UPB).
The EIB loan will finance the UPB campus redevelopment plan involving the construction of a new building to accommodate three faculties currently located on the historic Polizu campus, the EIB said in a press release.
More than 5 000 students and 273 employees will benefit from the redevelopment of the main university campus. During implementation, the project will generate some 1000 jobs.
"This is the first EIB support to improve higher education in Romania. We have joined our forces with the European Commission benefitting from the Investment Plan for Europe to increase the quality of university education that is crucial for strengthening the competitiveness of Romania and future development of the country. I am convinced, that more similar EIB operations will follow this project that will improve study conditions for 5,000 students and PUB research activities," EIB vice-president Andrew McDowell said.
The aim is to regroup the faculties located at Polizu on the Noul Local Campus and to upgrade the facilities to a standard with which they can best support the teaching, learning and research activities of the university.
"Being the largest technical university in Romania and with an important proportion of smart specialisation and tech graduates entering the workforce market, the project will support not only national education but also the national economy," UPB rector Mihnea Costoiu said.
The agreement is backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, also known as Juncker Plan. Under this plan, the EIB and the European Commission cooperate to increase the bank’s risk bearing capacity, thereby improving its product offer and enhancing the impact projects can achieve.
($=0.8907 euro)