£50 million EU boost for Edinburgh University

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By a Newsnet reporter

SNP MEP Alyn Smith has welcomed a £50 million loan from the European Investment Bank to the University of Edinburgh.

The funds will help support projects including the newly created Edinburgh Centre for Carbon Innovation, refurbishment of the main library, the installation of an energy efficiency network and improvements at the School of Languages, Literature and Cultures.

The university said that the new Centre for Carbon Innovation would provide Scotland with a leading research facility helping to develop low-carbon solutions to the problems associated with global warming.

Professor Sir Timothy O’Shea, Edinburgh University’s vice-chancellor and 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.”

Mr Smith, SNP Member of the European Parliament since 2004, said:

“This is fantastic news for Edinburgh University. These EU funds will make a real, significant contribution that will benefit students and staff.

“This financial agreement has been signed by University Principle Professor Sir Timothy O´Shea and Simon Brooks, Vice President of the European Investment Bank.

“Between 1997 and 2012 the European Investment Bank provided loans worth GBP 11bn to more than 125 projects education across Europe. This loan 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.

“The European Investment Bank is committed to funding educational excellence across Europe and I am delighted this landmark investment is in one of the leading academic institutions in Scotland.”