University College Cork (UCC) has secured an important loan for its €241 million development expansion programme.

A €100m agreement has been signed with the European Investment Bank (EIB), which will help drive UCC's largest expansion programme to date.

More than 500 construction jobs will be created by the development. Various projects include:

• €64m to develop new Student Accommodation

• €37m to build a new Cork University Dental School, Research Centre & Hospital

• €27m to fund Western Campus Development, including the Cork Science & Innovation Park (Phase 1) & Outdoor Sports Facilities

• Over €90m invested for a new Student Hub, ICT Services, Facilities upgrade, refurbishment, building extensions as well as flood remedial works and Western Gateway infrastructure

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• €23m to fund new Clinical Medical School for the Cork Hospitals and associated research and health innovation activity;

• A €10m University investment across University Hospital Waterford, University Hospital Kerry and South Tipperary General Hospital.

UCC President Dr Michael Murphy will welcome the delegation of EIB officials later to reveal the organisation's multi-million euro loan.

"This will be the largest investment in capital projects at UCC in our history," he said.

"The scale and ambition of the infrastructural developments align directly to key focus areas for the future, namely enhancing student experience and building on our innovation and health facilities.

"We are investing significantly in student accommodation, student ICT services and a new student hub as well as developing the medical, dental, paediatrics research, clinical health, innovation and research facilities to continue to fuel progress and success in these areas.

"This investment by the EIB will have enormous impact not only for University College Cork, but for education and research nationally and internationally."

(LM/MH)