The European Investment Bank (EIB) is to provide €50m for the development of the new Cork University Business School (CUBS).
Located in Cork City centre, planning permission for the new building was granted by Cork City Council in May of this year.
UCC said the the new CUBS building will contribute to a "higher education quarter", which will complement the existing cluster of education buildings in that part of Cork city.
It added that the development will provide an economic boost to the area by bringing over 4,500 students and 225 staff into the city centre every day.
It is anticipated that construction of the new building will start in May 2024 and 200 people are expected to be employed in the construction process.
The EIB is the long-term lending institution of the European Union and finances investments that contribute towards EU policy goals.
Minister for Finance and Governor of the European Investment Bank Michael McGrath said the EIB's vote of confidence in UCC and first dedicated support for business school investment in Ireland will benefit Cork and provide the world class skills the country needs for Ireland’s future business leaders.
"The EIB's continued support for Irish universities is instrumental in driving educational excellence and providing students with world-class learning environments," Minister for Further and Higher Education, Research, Innovation and Science Simon Harris said.
"This investment in Cork University Business School will greatly benefit not only the students and staff but also the broader economy as it contributes to producing highly skilled graduates and fostering entrepreneurship," Mr Harris added.
"Over the last 12 years the European Investment Bank has backed visionary investment to transform academic and student life at all of Irish Universities. The EIB is delighted to support Cork University Business School's pursuit of academic and business excellence and support new investment to provide students and staff with a world-class facility that fosters collaboration, creativity, and knowledge exchange," Ricardo Mourinho Félix, European Investment Bank Vice-President, said.
"The new €50m financing for Cork University Business School demonstrates the EIB’s firm commitment to strengthen education and research institutions that contribute to Ireland's economic and social development," he added.
Professor John O'Halloran, the President of UCC, said the university is developing a stunning addition to Cork City.
"Business schools act as dynamic hubs of learning, innovation and entrepreneurship in cities and we are excited to develop a new home for our future business students. We have a track record of working with the EIB and developing a global business school for Cork will lead to lasting benefits for our city, region and nation," the Professor added.
