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The European Investment Bank (EIB) approved a loan of 25 million euros for the Polytechnic University of Bucharest(UPB), to increase quality, efficiency of the teaching, learning and research processes at one of the top educational institutions in Romania, reads a release of the EIB.
The loan will be used to finance the rearrangement of the UPB campus, with a new building to be made to host the three faculties located now in the Polizu complex. The objective is to regroup the unities in the new campus of the Polytechnic University of Bucharest and to modernize the faculties by reaching, in order to provide the best conditions for the teaching, learning and research activities of the UPB, shows the EIB release.
The funding is supported by the European Fund for Strategic Investments (EFSI), the financial pillar of the Investment Plan for Europe ("The Juncker Plan").
"This is the first aid granted by the European Investment Bank for the improvement of the higher education in Romania. We joined forces with the European Commission, while benefiting from the Investment Plan for Europe, in order to increase the quality of university education, which is crucial for strengthening Romania's competitiveness and the future development of the country. I am certain that this action of the EIB will be followed by others of the same kind, meant to improve the study conditions for 5,000 students and the research activities of the UPB," said the Vice-President of the EIB, Andrew McDowell.
According to Carlos Moedas, the Commissioner for Research, Science and Innovation, "high quality scientific research starts with the best education."
"This is an investment in the future Romanian researchers, who will stimulate innovation, increase the number of jobs and support growth. This is an example of the manner in which the Juncker Plan functions," he added.
The rector of the Polytechnic University of Bucharest, Mihnea Costoiu, said it was a great honour for the UPB to be the first university in Romania to benefit from the EIB support.
"As the largest technical university in Romania, with an important part of the top specializations and graduates that step into the labour market, the project will support not just the national education, but also the country's economy. We also hope to make a model of good practices for other universities to implement similar projects. Moreover, due to the guarantees offered by the Investment Plan for Europe, our university will be able to extend its research capacity, in order to have a positive impact on the society. In the context in which our university celebrates 200 years of existence, this is the perfect manner in which we can celebrate our community and thank EIB and EFSI for making this modernization possible."
