RCSI has negotiated a €40 million second loan agreement with the European Investment Bank (EIB), according to the College. The financing will fund, in part, the next stage of the development of its city centre medical campus at St Stephen’s Green, Dublin.
Subject to planning permission, the €90 million redevelopment of Block A of the Ardilaun Centre, which fronts on to St Stephen’s Green and is adjacent to RCSI’s development at 26 York Street, will provide enhanced research, teaching, learning, faculty and student facilities.
Prof Cathal Kelly, RCSI CEO, said: “Our campus has constantly evolved to meet the medical challenges and opportunities of each new generation. We are now setting out on what will be the most exciting and transformative phase of our journey so far.
“The opening of 26 York Street in 2018, also funded in part through a first €50 million loan provided by EIB, marked the beginning of an exciting campus expansion for RCSI, providing world-class simulation facilities for our students and trainees.
“The redevelopment of Ardilaun Block A will further transform the way in which we educate our students so they can learn, grow, and prepare to take their place as the medical leaders of the 21st century. It will also provide a space that engages and involves the local community and plays a dynamic role in the life of the city.”
EIB Vice President Mr Andrew McDowell said: “Investment in research and education is crucial for Europe’s future. The European Investment Bank is pleased to support transformational new investment by RCSI, Ireland’s leading medical school, in the heart of Dublin. This represents our second loan to RCSI in less than three years and follows recent support for campus investment at every university in Ireland.
“The visionary new investment by RCSI will further strengthen Ireland’s global role as a centre for medical learning and research, improve education for future generations of doctors, nurses, midwives and pharmacists and significantly reduce carbon emissions through energy efficient buildings.”