The European Investment Bank (EIB) has signed a contract with the University of Latvia (LU) for financing in the amount of 25 million euros to fund the third phase of the development program for the Academic Center in Riga. The goal of this project is to consolidate most of the university's activities into one campus and provide modern services for students and researchers.
"This new university campus is an invaluable opportunity for the University of Latvia to enhance its position in the higher education sector," said EIB Vice President Thomas Estros, who oversees the bank's operations in Latvia. "The bank is pleased to support the university's expansion strategy and contribute to economic growth and employment in the region, while promoting environmental sustainability in line with the university's Green University strategy."
"The University of Latvia's efforts to create a unified Academic Center are very significant, as they facilitate the exchange of ideas and knowledge between researchers and students from various disciplines," said the Rector of the University of Latvia, Prof. Gundars Bērziņš. "The future plans for the development of the Academic Center are ambitious, and their implementation requires time and funding. The University of Latvia is grateful for the opportunity to collaborate with the European Investment Bank. Its support for the next phase of the Academic Center's development shows that the EIB has positively assessed the university's development plans."
As part of the project, two new buildings are planned to be constructed — the Health House and the Sports House. The Health House will house educational and research facilities for the university's faculties in medicine, biology, physics, and chemistry, as well as a polyclinic. Meanwhile, the Sports House will include sports infrastructure, which university students will be able to use for their study programs and recreational activities.
In line with the university's "Green University" strategy, the new buildings will meet the highest energy efficiency standards and surpass nearly zero-energy building standards. The European Investment Advisory Hub (EIAH) has helped develop the business and financial plan for the expansion of the university's Academic Center.
The European Investment Bank's support for the University of Latvia's new campus aligns with the bank's goals of promoting innovation, digital capital, human capital, and environmental sustainability. The previous loan for the construction of the Writing House is already being utilized, and the bank has also funded the construction of the Nature House and the Science House through EU grants.
