The Royal College of Surgeons in Ireland has secured a second loan with the European Investment Bank.

The €40m package will be deployed in the next phase of the development of the RCSI campus at St Stephen's Green in Dublin city centre. 

The new investment will provide enhanced research, teaching, learning, faculty and student facilities.

An initial €50m package from the EIB was invested in the first phase of a College of Surgeons campus expansion in Dublin which was opened last year.

The EIB's Vice President Andrew McDowell said that investment in research and education is crucial for Europe's future.

"The visionary new investment by RCSI will further strengthen Ireland's global role as a centre for medical learning and research, improve education for future generations of doctors, nurses, midwives and pharmacists and significantly reduce carbon emissions through energy efficient buildings," Mr McDowell said.