Posts tagged European Investment Bank
Building work is set to start today on the Swansea University’s second campus that will create 4,000 construction jobs with a further 6,000 indirect posts supported in the wider economy.
The First Minister made the announcement whilst on site to mark the start of construction of the new campus which took place on Europe Day.
First Minister, Carwyn Jones, said: “I welcome the opportunity to be here on this significant day not only to mark the start of construction but also, crucially, to acknowledge the benefits to Wales of our relationship with Europe, including EU funding.
“This EU investment will help drive forward the development of the new Science and innovation Campus, creating a cornerstone for world-leading research and employment opportunities in the construction industry as work gets underway.”
The EMC will include state-of-the-art facilities to enable Swansea University to carry out research and development, particularly through collaborative projects with industry. It will support a range of collaborations with businesses in sectors such as advanced engineering, the digital economy and low carbon technologies.
Finance Minister, Jane Hutt, said: “I am delighted we have been able to invest EU funds to pioneer innovation and deliver state-of-the-art education facilities, benefiting Swansea and beyond.
“We have a key commitment through our Programme for Government to enhance research and innovation to help increase Wales’ global competitiveness, and create jobs and growth. The European Structural Funds programmes in Wales are helping us to achieve this goal, having already generated a total project investment of around £400 million in R&D and innovation alone.”
EMC will accommodate the University’s Civil and Computational Engineering, Electronic Engineering, Materials and Mechanical Engineering as well as Printing and Coating activities.
The Vice-Chancellor of Swansea University, Professor Richard B. Davies, said: “We are delighted to have been awarded funding from the European Regional Development Fund through the Welsh Government for the Engineering Manufacturing Centre.
“The EMC will provide world-class research facilities and a resource for industry to access world-leading expertise to help improve manufacturing products and processes and develop new ones, thus contributing to the economic regeneration of the region.”
The European Investment Bank has approved up to £100 million of financing which will kick-start building and construction work in the summer of 2013.
Julia Kennedy, associate director at Scottish Futures Trust (SFT) who has been supporting the college through the procurement process, said: “Construction is planned to start later this year and will act as an enormous boost to local small and medium enterprises working within the building sector and related supply chains thanks to the preferred bidder’s commitment to supporting local employment and training.”
Douglas Baillie, Chair of the College Board said: “Selecting the preferred bidder is yet another major milestone in our continuing success.
“The announcement is proof of what we can achieve as a beacon of excellence and it is with great excitement and energy that we look ahead to the next chapter in the life of this great college.
“Enhancing our diverse and talented student learning community with brand new, bespoke facilities underlines our passion for learning and desire to meet the needs of Glasgow’s and Scotland’s employers and the wider civic community.”
Both campuses have been designed by Reiach and Hall and Michael Laird Architects. The College represents the single largest estates investment in the educational sector in Scotland and will help transform the city centre landscape for generations to come.
The European Commission found sufficient safeguards to avoid “crowding out of private investment” and ensure fair competition whilst the bank is offering funding to accelerate the development of the UK’s green economy.
The bank’s mission is to invest in innovative and environmentally friendly projects for which a market failure has been identified. It is set to help offshore wind, waste and non-domestic energy efficiency sectors.
The Commission said the Green Bank will be capitalised with £3 billion and will intervene by syndicating and underwriting junior, mezzanine and senior debt, by taking equity stakes or granting guarantees.
According to the Commission, the new initiative will allow green projects to materialise while minimising potential distortions of competition.
The bank is seen as a crucial element in funding the country’s transition to a low carbon economy and it began investing directly in projects earlier this year.
Green Investment Bank chairman Lord Smith said: “This is excellent news and a very important milestone as we transition to a low carbon economy and work to boost investment across the industry.
“We have already made significant progress in building our teams and the necessary infrastructure for the bank and we expect to be fully operational in the next few weeks.
“We clearly have challenges ahead but we have the people, the expertise and the capability to deliver on our priorities and create the foundation for a new climate of green investment.”
What is your reaction to the UK’s £3 billion Green Investment Bank that is set to boost the green economy? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter pages.
The expansion programme also includes the regeneration of Swansea University’s Singleton Park Campus which will see further 6,000 indirect jobs supported in the wider economy.
Developer St Modwen will work closely in collaboration with its construction partner, Vinci, for building work to start in early 2013. The new campus and new student residences will be completed by autumn 2015.
Vice President of the European Investment Bank, Simon Brooks, said: “This scheme will not only benefit future generations of students, but develop specialist skills, drive innovation and enhance economic growth in Wales.
“The European Investment Bank is committed to funding leading research and educational excellence across Europe and is pleased to support this landmark investment.”
Swansea University’s Vice Chancellor, Professor Richard Davies said the University was grateful to the European Investment Bank and the Welsh Government for the investment which will create new jobs and boost the economy.
Professor Davies said: “The new Science and Innovation Campus is a transformational project for Wales and for the University.
“It promises to become a global exemplar for how a research intensive university can work effectively with industry, helping to drive economic regeneration and creating exciting employment opportunities for its graduates.”