€50m funding confirmed for new Cork University Business School in the heart of city

THE European Investment Bank (EIB) is to provide €50m for the development of the new Cork University Business School (CUBS) in the heart of the city. 

The announcement was made as the EIB-Ireland Financing Group meets in UCC today to explore how future EIB engagement can assist economic development, job creation, and Ireland’s transition to a low-carbon and sustainable future.

Plans for the new business school between Copley St and South Terrace at the old Brooks Haughton site in the city centre were approved by Cork City Council in April. 

It is anticipated that construction on the new state-of-the-art development will commence in May 2024.

Once completed, UCC said 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".

Commenting on the EIB funding, president of UCC, professor John O'Halloran, said UCC has a "track record of working with the EIB" and that developing a global business school for Cork "will lead to lasting benefits for our city, region and nation".

Meanwhile, 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 we need for Ireland’s future business leaders."

Minister for Further and Higher Education, Simon Harris, described the EIB's continued support for Irish universities as "instrumental in driving educational excellence and providing students with world-class learning environments." 

"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," he continued. 

In addition to the EIB loan announced today, the €115m CUBS Development Project will be financed via exchequer support and a €25m Higher Education Strategic Infrastructure Fund (HESIF) award.

Cork University Foundation will spearhead a philanthropy campaign to raise the remaining funds. 

CUBS is one of Ireland’s largest business schools, producing 1,000 graduates annually, and is a worldwide top 200 double accredited business school.

The three-to-six storey building of 15,675 sqm will feature state-of the-art teaching and research spaces, a 350-seat lecture theatre, restaurant, courtyard and a roof garden.

UCC intends to conserve the historic 18/19 South Terrace as an integral part of the development. 

It’s anticipated that 200 people will be employed during the construction phase.