EIB Supports University of Latvia with €25 Million Loan for Green Campus Development

EIB Supports University of Latvia with €25 Million Loan for Green Campus Development

(IN BRIEF) The European Investment Bank (EIB) has provided a €25 million loan to the University of Latvia to support the third phase of its campus development in Riga. This phase includes constructing the “House of Health,” featuring research and teaching facilities for medicine, biology, and physics, and the “House of Sports” for academic and recreational activities. Designed under the university’s “Green University” strategy, the buildings aim to exceed near-zero energy standards. The initiative fosters collaboration, innovation, and sustainability while strengthening the university’s position in higher education. The EIB’s support complements previous contributions to the campus, including the “House of Nature” and “House of Science.”

(PRESS RELEASE) LUXEMBOURG, 30-Nov-2024 — /EuropaWire/ — The European Investment Bank (EIB) has signed a €25 million financing agreement with the University of Latvia to advance the third phase of its campus development programme in Riga. This ambitious project aims to consolidate most university activities on a single campus, offering state-of-the-art facilities to students and researchers while adhering to the institution’s “Green University” strategy.

The expansion includes two cutting-edge buildings: the “House of Health,” which will host teaching and research spaces for medicine, biology, physics, and chemistry, along with an outpatient clinic, and the “House of Sports,” designed to provide facilities for both academic programmes and recreational activities. Both structures are designed to exceed near-zero energy building standards, showcasing a commitment to sustainability and energy efficiency.

The European Investment Advisory Hub (EIAH) played a key role in the project, supporting the development of its business and financial plan. This initiative aligns with the EIB’s goals of fostering innovation, human capital development, and environmental sustainability.

EIB Vice-President Thomas Östros emphasized the impact of the project: “This campus development represents a transformative step for the University of Latvia, strengthening its role in the education and research sectors while promoting economic growth and sustainability in the region. We are proud to support this forward-thinking initiative.”

The university’s Rector, Prof. Gundars Bērziņš, highlighted the significance of the single-campus model: “Bringing our academic and research activities together on one campus fosters greater collaboration and knowledge exchange. The EIB’s support affirms the value of our vision and allows us to advance the ambitious plans for our Academic Centre.”

The EIB has previously contributed to the University of Latvia’s development, including financing the “House of Nature” and the “House of Science” through EU grants, and supporting the ongoing construction of the “House of Letters.”

Advancing Education and Sustainability

This partnership between the EIB and the University of Latvia underscores a shared commitment to enhancing education, fostering innovation, and promoting sustainability. The project will strengthen the university’s position as a leader in higher education while creating a vibrant, eco-friendly academic environment for future generations.

Background information

EIB 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

The EIB Group has provided €82 million in financing for projects in Latvia in 2023.

University of Latvia

The University of Latvia is a science university rooted in the tradition of classical European universities, combining and advancing the country’s main interdisciplinary study and scientific research potential in the natural sciences, humanities, and arts, as well as in medical and health sciences, and social sciences.

At the Academic Centre in Riga, the University of Latvia is creating an interdisciplinary, open, and innovation-focused environment for outstanding work and studies. Currently, it houses the House of Nature and the House of Science, and the next to open its doors will be the House of Letters. The Academic Centre is also planning the construction of House of Technology, Sports, and Health, as well as an accommodation for students and researchers.

Media Contact:

Kristiina Randmaa
k.randmaa@eib.org
+352 4379 – 72894

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank