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President's News
UCC secures EIB support for new Cork University Business School
UCC has confirmed that the European Investment Bank (EIB) will provide €50m for the development of the new Cork University Business School (CUBS).
The announcement was made as the EIB-Ireland Financing Group met in UCC on 30 June to explore how future EIB engagement can assist economic development, job creation, and Ireland’s transition to a low-carbon and sustainable future.
In addition to the EIB loan, the CUBS Development Project will be financed via exchequer support and a €25m Higher Education Strategic Infrastructure Fund (HESIF) award. In addition, Cork University Foundation will spearhead a philanthropy campaign to raise the remaining funds.
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.
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.
- UCC President Professor John O’Halloran