The European Investment Bank (EIB) has agreed to provide 25 million euro to increase the quality, efficiency and effectiveness of teaching, learning and research at the Polytechnic University of Bucharest (UPB), a leading university in Romania.

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 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.

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 EU bank and the European Commission cooperate to increase the EIB’s risk bearing capacity, thereby improving its product offer and enhancing the impact projects can achieve.

“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,” said EIB Vice-President, Andrew McDowell.