Trinity College Dublin has been granted a €70 million loan from the European Investment Bank (EIB).

The money will be invested in to the building of the university's new business school, more student accommodation and new premises for Trinity’s Institute of Population Health in Tallaght.

The new student accommodation will cater for 250 students.  It will also include a new student health service, disability service and sports facilities.

The 30 year loan will be used by Trinity alongside other sources of financing, including philanthropic donations.

This is the second EIB loan received by Trinity. In 2008, the college received a €75 million loan for research investment at the University’s flagship Trinity Biomedical Sciences Institute.  It was the first university in Ireland to receive an EIB loan at the time.

"The loans being announced this week will strengthen research and learning across a broad range of disciplines at Trinity", Andrew McDowell, Vice President of the European Investment Bank said. "It will ensure that Irish universities continue to be at the forefront of global research."

Dr Patrick Prendergast, Provost of Trinity College Dublin said the funding was "crucial". 

"Due to the current lack of funding of higher education in Ireland, the financing EIB has provided to Trinity has been crucial in our maintaining current and future standards", he said. "Without such support, quite frankly we would not have been able to progress with important flagship projects."

University College Cork (UCC) will also be receiving support from the bank with a €100 million loan.

The EIB has made record education lending in Ireland this year following €200 million backing for school investment agreed last month.

Over the last five years the EIB has provided more than €7 billion for investment in universities across Europe, including €512 million in Ireland.