Swansea University secures a £60m loan for Fabian Way campus
SWANSEA University has secured a £60 million loan to support the development of its science and innovation campus in Fabian Way.
The funding makes up more than a quarter of the overall £200 million budget of the first phase of the scheme. It has been provided after a tough, thorough, fair and fast assessment by the European Investment Bank (EIB) which decided it was a "good risk" and a worthwhile project.
Swansea University's second campus on land off Fabian Way is due to be completed by September 2015 and, although procurement processes are still under way, it is anticipated work will start on the project in the early part of next year.
It is expected to benefit the economy of the Swansea Bay area to the tune of £3 billion over 10 years, directly support 4,000 jobs and directly and indirectly support 10,000 jobs in construction activity alone.
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Vice-chancellor Richard Davies said the university could not have pulled together enough money to finance the second campus without securing the EIB loan, which will be paid back over the next 20 years.
The Welsh Government has also provided £30 million of financial support, including £15 million from the Wales European Funding Office.
Mr Davies said: "We are enormously grateful to the European Investment Bank and the Welsh Government for helping us to realise our ambitious expansion plans.
"The new science and innovation campus is a transformational project for Wales and for the university.
"It promises to become a global exemplar for how a research-intensive university can work effectively with industry, helping to drive economic regeneration and creating exciting employment opportunities for its graduates.
"The new facilities, world-leading research and well-qualified graduates will attract multi-national companies and support the development of hi-tech clusters in the region.
"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."
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