£40m funding agreement for University of Hull

THE University of Hull has signed an agreement for £40m worth of funding for upgrades to its facilities.

Jonathan Taylor, vice president of the European Investment Bank was there to mark the signing of the deal which will also help energy efficiency improvements across the University.

Phil MacDonald, director of finance at the University of Hull, said: “The EIB understood our investment-driven strategy from day one, are not-for-profit and are able to lend over the long term at market leading rates.

“The synergy between us is key; it is refreshing to deal with a European bank who so fundamentally share our strategic goals.”

Jonathan Taylor, European Investment Bank, vice president, said: “Being able to see at first hand the ongoing transformation of the campus here in Hull demonstrates the University’s strong future in the years ahead and the European Investment Bank is pleased to help turn these plans into reality.

“The University of Hull can be congratulated for planning ahead to ensure that future generations of students can benefit, as well as cutting energy costs to reduce the carbon footprint.”

The University has undergone a series of major improvements and investments, totalling £98m.

This consists of £30m for new student accommodation, and the £28m refurbishment of the Brynmor Jones Library.

Professor Calie Pistorius, vice chancellor of the University of Hull, said: “We require long-term funding for this capital programme which is essential to the University of Hull’s ambitious investment-driven strategy. These developments are key to this strategy and the funding support from the EIB has enabled us to progress these.”