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Bucharest
September 28, 2022
ECONOMYFINANCE&BANKING

EUR 20 million EIB support for Targu Mures University renovation

  • New investment to finance the refurbishment of George Emil Palade University of Medicine, Pharmacy, Science, and Technology of Târgu Mureş and the restructuration of an existing building to clinical laboratories that are part of a leading Romanian university
  • First EIB financing for George Emil Palade University of Medicine, Pharmacy, Science, and Technology of Târgu Mureş
  • New agreement marks successful implementation of EUR 100m EIB streamlined financing for Romanian university investment

Specialist training and education of future generations of doctors and medical professionals at George Emil Palade University of Medicine, Pharmacy, Science, and Technology in Târgu Mureş will be strengthened by a EUR 20 million EIB financing to refurbish and upgrade the educational infrastructure and clinical laboratories on the campus. This new financing represents the successful deployment of the EIB’s EUR 100 million Romanian Higher Education Programme Loan two years after the initiative was approved.

The latest European Investment Bank backing for higher-education investment was formally agreed at the EIB headquarters in Luxembourg by Professor Leonard Azamfirei, PhD, Rector of the George Emil Palade University of Medicine, Pharmacy, Science, and Technology and Christian Kettel Thomsen, European Investment Bank Vice President.

“George Emil Palade University of Medicine, Pharmacy, Science, and Technology of Târgu Mureş is a leading Romanian higher education institution, with a dynamic pace of development. The new EUR 20 million backing provided by the European Investment Bank will further strengthen our University and ensure the educational and medical infrastructure for innovative training of future generations of doctors and medical professionals, engineers, economists, teachers, lawyers. The new EIB support reflects the quality of education provided in Romania and will benefit thousands of students, masters and doctoral students, researchers, and resident doctors.” said Professor Leonard Azamfirei, PhD, Rector of the George Emil Palade University of Medicine, Pharmacy, Science, and Technology in Târgu Mureş.

“The European Investment Bank supports high-impact investment at leading universities across Europe. Upgrading the Faculty of Medicine at the George Emil Palade University will enhance medical education and improve the skills of future generations of doctors. The EIB looks forward to building on the successful implementation of the Romania Higher Education Programme loan and backing further academic and research investment at Romanian universities.” said Christian Kettel Thomsen, European Investment Bank Vice President.

The 25 year long-term financing represents the first EIB support for higher education investment at the university and the fifth university loan in the country backed by EIB. The EIB loan is supported by the European Fund for Strategic Investments.

The new financing marks the successful deployment of the EIB’s EUR 100 million streamlined support for university investment in Romania launched in 2020. A follow up initiative of up to EUR 200m, to be deployed over the 2024-2028 period is currently being appraised by the Bank’s services, to continue supporting higher education institutions across the country, going forward.

The George Emil Palade University of Medicine, Pharmacy, Science, and Technology also benefitted from technical and financial advisory support provided by the European Investment Advisory Hub, a joint initiative of the EIB and the European Commission. EIB experts and external consultants provided the university with a comprehensive package of advisory support, facilitating the preparation of a sound investment proposal and accelerating its access to finance.

 

 Building on EIB support for university investment across Romania

 

 

The European Investment Bank supported the renovation of other higher education institutions in Romania including Bucharest Polytechnic University and University of Medicine, Cluj’s Technical University as well as theBabeș-Bolyai University.

Over the last 31 years, the EIB Group has provided more than EUR 18 billion for public and private sector investment across Romania.

 

 

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