European bank injects £500m into education facilities

By Alex Smith2010-10-19T13:21:00+01:00

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The UK Knowledge Economy loan could eventually see up to £2bn invested in education facilities and science parks in the UK

The European Investment Bank is to invest £500m in further education facilities and science parks in the UK.

The UK Knowledge Economy loan will be passed to three banks, which will invest in higher and further education facilities, science parks and incubation centres.

The first £150m of lending has been agreed, with more lending expected next year when more banks come on board. The EIB said the programme could potentially be worth up to £2bn

The three banks so far involved are RBS, Santander and Lloyds.

Vince Cable, minister for innovation, said: “The science and research community is very successful at securing funding from a diverse range of sources, so this new loan facility will be a welcome addition to the options available for universities and science parks in the UK.”

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