UCC secures EIB support for new Cork University Business School
- It is the first dedicated EIB support for business school investment in Ireland.
- The development will provide an economic boost to the area by bringing over 4,500 students and 225 staff into the city centre every day.
University College Cork (UCC) is pleased to confirm today that the European Investment Bank (EIB) will provide EUR 50 million for the development of the new Cork University Business School (CUBS).
The announcement was made as the EIB-Ireland Financing Group meets in UCC today to explore how future EIB engagement can assist economic development, job creation, and Ireland’s transition to a low-carbon and sustainable future.
First dedicated EIB support for business school investment in Ireland
Located in Cork City centre, planning permission for UCC’s CUBS building, designed by a team led by RKD architects, was granted by Cork City Council in May 2023. UCC sees the new CUBS building as a contribution to a ‘higher education quarter’, which will complement the existing cluster of education buildings in this part of Cork city. The development will provide an economic boost to the area by bringing over 4,500 students and 225 staff into the city centre every day. It is anticipated that construction of the new building will commence in May 2024.
Minister for Finance and Governor of the European Investment Bank, Michael McGrath TD, welcomed the new investment highlighting that “The EIB’s vote of confidence in UCC and first dedicated support for business school investment in Ireland will benefit Cork and provide the world class skills we need for Ireland’s future business leaders."
Minister for Further and Higher Education, Research, Innovation and Science Simon Harris TD, highlighted the significance of this investment for the education sector in Ireland, stating, "The EIB's continued support for Irish universities is instrumental in driving educational excellence and providing students with world-class learning environments. This investment in Cork University Business School will greatly benefit not only the students and staff but also the broader economy as it contributes to producing highly skilled graduates and fostering entrepreneurship."
The EIB is the long-term lending institution of the European Union and finances investments that contribute towards EU policy goals. "Over the last 12 years the European Investment Bank has backed visionary investment to transform academic and student life at all of Irish Universities. The EIB is delighted to support Cork University Business School’s pursuit of academic and business excellence and support new investment to provide students and staff with a world-class facility that fosters collaboration, creativity, and knowledge exchange. The new EUR 50 million financing for Cork University Business School demonstrates the EIB’s firm commitment to strengthen education and research institutions that contribute to Ireland's economic and social development," said Ricardo Mourinho Félix, European Investment Bank Vice-President.
A ‘stunning addition' to Cork City
In addition to the EIB loan announced today, the €115 million CUBS Development Project will be financed via exchequer support and a EUR 25million Higher Education Strategic Infrastructure Fund (HESIF) award. In addition Cork University Foundation will spearhead a philanthropy campaign to raise the remaining funds. CUBS is one of Ireland’s largest business schools, producing 1,000 graduates annually, and is a worldwide top 200 double accredited (AACSB and AMBA) business school.
Commenting Professor John O'Halloran President of UCC, expressed gratitude for the EIB's support, saying: "We are developing a stunning addition to Cork City. Business schools act as dynamic hubs of learning, innovation and entrepreneurship in cities and we are excited to develop a new home for our future business students. We have a track record of working with the EIB and developing a global business school for Cork will lead to lasting benefits for our city, region and nation.”