Labour Deputy Alex White has welcomed the support of the European Investment Bank in agreeing to fund redevelopments at University College Dublin, as part of the Government's strategic support for the knowledge economy in Ireland.

The European Union's long-term lending institution will provide a €90m loan for the on-going transformation of campus facilities.

"The Government is committed to ensuring, where possible, that world class education and research facilities can help future generations contribute to the knowledge economy. The redevelopment of UCD is an exciting development and will benefit students studying on a modern, vibrant and sustainable campus and foster a greater contribution to Ireland's future.

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"UCD's Belfield Campus is one of the finest university facilities in Europe and a central driver of the greater Dublin South economy. Funding will be used to develop six buildings including the second phase of UCD's Science Centre, construction of a new School of Law and refurbishment and construction of student accommodation.

"The UCD Campus Development Plan 2010-2015 will make the campus more compact, concentrating related activities and separating academic and leisure functions. The overall redevelopment aims to consolidate and enhance this position of pre-eminence by providing future generations with a sustainable, healthy, and living campus."

Development of the campus follows the Government's efforts to increase investment in research and higher education, and will strengthen UCD's role in an increasingly competitive academic environment. Deputy White commented that "the ability to locate both industry and academia on the same campus will help increase links between the university and key Irish companies.

(CD)