£90 million boost for Swansea University campus
Swansea University has received a multi-million pound funding boost towards its ambitious campus development programme.
The university has secured £60 million from the European Investment Bank, plus a further £30m from Welsh Government and the Wales European Funding Office (WEFO) toward the new Science and Innovation Campus on Fabian Way and the regeneration of its Singleton Park campus.
The university says the new campus would play a crucial role in building Wales's knowledge economy and establishing the region as a vibrant location for high technology.
It would also help the university realise its ambition of becoming a world leader in research and innovation, and act as a major economic regeneration driver in the South West Wales region.
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A university spokesman said around 4,000 direct jobs will be created during the construction phase, with a further 6,000 indirect jobs supported in the wider economy as a result.
First Minister Carwyn Jones, who attended the formal launch of the programme at the university today, said the project is "hugely exciting” for Swansea and for Wales.
"I am delighted that the European Investment Bank has announced this £60 million investment to take the scheme to the next stage," he said.
“The university’s plans are highly ambitions and they predict it has the potential to create thousands of jobs. That’s why I am also pleased to announce that the Welsh Government will be providing over £30 million of support which includes EU funding."
Welsh Labour MEP, Derek Vaughan welcomed today's announcement, which he said will be "key in enabling the university to maintain its place at the cutting edge of research and development.”
“It is an ambitious project that will eventually lead to Swansea University playing host to one of the largest, modern economic projects in Europe and drive forward the creation of more highly skilled jobs in the Welsh economy," he said.
"With companies such as Rolls-Royce, BAE, Hewlett-Packard and Tata already signed up, Wales will be taking a huge step with this development in bringing the research and industrial sectors closer together to innovate and enhance economic growth."
Swansea University’s Vice Chancellor, Professor Richard B. Davies said the campus expansion will be particularly advantageous to students.
"The closer collaborative working between the university and industry will help ensure the most relevant and up-to-date degree programmes and there will be unique opportunities for students to acquire the skills and experience valued by employers.”
A spokesman said the new Fabian Way campus will co-locate the university’s college of engineering and school of business and economics with a range of multinational, national and local businesses.