University of Oxford has received a £200m ($303m) loan from the European Investment Bank to support its expansion plans.
The loan from the European Investment Bank is the largest it has ever given to a university. The European Investment Bank is a publicly owned international financial institution. The EU member states make up its shareholders.
Jonathan Taylor, vice-president of the European Investment Bank, said: “Investment in research facilities and teaching is essential to unlocking new ideas and scientific discoveries and the European Investment Bank is committed to supporting investment at leading universities across Europe. The new loan will strengthen a broad range of disciplines here in Oxford and ensure that the university continues to be at the forefront of global research.”
The loan will be used by the University of Oxford to support its sites in the city of Oxford, and areas around Oxford such as Jericho and Headington. It will finance a mix of existing and future projects.
William James, pro vice-chancellor for planning at the University of Oxford, said: “This loan has closed the finance gap to get these schemes off the ground and the EIB has proved a very good lender to work with.”
The single largest project to benefit from the loan will be the Weston Library, formerly known as the New Bodleian, that has been been refurbished to create secure storage facilities.
