The European Investment Bank (EIB) approved a loan of EUR 35.4 million for Grigore T. Popa University of Medicine and Pharmacy in Iași (UMF Iași), in eastern Romania, to refurbish and upgrade campus buildings. The transaction represents UMF Iași’s first external loan and the first operation of the EIB under its EUR 200 million initiative to enhance higher education in Romania.

The EIB financing will support the development of the university’s infrastructure through eight major investment projects. These include the modernization of dental polyclinics and the creation of the Centre for Fundamental Research and the Centre for Maternal-Foetal Research. In addition, essential infrastructure for the well-being of the students, such as the rehabilitation of a student dormitory and the construction of a new canteen and a gym, will also be supported.

In total, the university plans to invest more than EUR 70 million.

EIB Vice-President Ioannis Tsakiris said: “We are very proud to be adding UMF Iași, an education institution with an impressive reputation and history, to the list of EIB universities we have supported, among which many leading universities across Europe.”

In his turn, Professor Dr. Viorel Scripcariu, rector of UMF Iași, said the loan represents a vote of confidence in the university: “The loan agreement with the EIB represents an important moment in our evolution at the Grigore T. Popa University of Medicine and Pharmacy Iași. This contract clearly demonstrates that our university is economically and financially sustainable, reflecting the confidence that European partners have in our ability to manage resources and implement large-scale projects.”

UMF Iași also benefitted from financial and technical advisory support from InvestEU, a collaboration between 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.

Since 2019, the EIB has provided loans to five other Romanian universities, totaling EUR 125 million, for investments to improve the quality of education and student life. 

The EIB also supports the Medicine University of Bucharest and the Medicine University of Targu Mureș. Also, it is further supporting the campus development programmes of the Politehnica University of Bucharest, the Babeș-Bolyai University of Cluj-Napoca, and the Technical University of Cluj-Napoca.

irina.marica@romania-insider.com

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