The European Investment Bank (EIB) has agreed to provide EUR 25 million to increase the quality, efficiency and effectiveness of teaching, learning and research at the Polytechnic University of Bucharest (UPB), a leading university in Romania. More than 5,000 students and 273 employees will benefit from the redevelopment of the main University campus, while the project will generate 1,000 jobs.
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.
“Great science and research starts with great education. This is an investment in the future researchers of Romania, ultimately driving innovation and creating jobs and growth. This is another example of the Juncker Plan at work,” European Commissioner for Research, Science and Innovation, Carlos Moedas, said in his turn.
“It is a great honour for us to be the first Romanian university to be supported by the European Investment Bank. Being the largest technical university in Romania and with an important proportion of smart specialisation and tech graduates entering the workforce market, the project will support not only national education but also the national economy. We also hope to make this a good practice model for other universities that will implement similar projects. In addition, thanks to the guarantee offered by the Investment Plan for Europe, our university will be able to extend its research abilities in order to have a positive impact on society. With the university in its 200th year, this is the perfect celebration for our community, and we thank EIB and the EFSI for making this upgrade possible,” UPB RectorMihnea Costoiu also commented.