Formal agreement has been reached for the first tranche of the UK Knowledge Economy loan from the European Investment Bank, which will provide £150 million for higher and further education, science parks and incubation centres. Further funding will be available next year as additional projects are identified and overall investment in projects supported by the UK Knowledge Economy loan is expected to reach more than £2 billion.
The programme is part of the European Investment Bank’s broader engagement to support and strengthen the UK’s knowledge economy. Eligible projects include campus redevelopments and relocation and construction of specialist science park and start-up company incubator facilities. The investment support programme will be spread over 18 months.
“The UK knowledge economy investment programme will contribute to funding new and improved education and innovation facilities across the country. Improving knowledge, skills and research is crucial for Britain's and Europe’s future,” said Simon Brooks, European Investment Bank Vice President responsible for the UK.
The UK Knowledge Economy lending programme complements the Europe 2020 initiative for recovery from the recession and social and economic growth over the next decade.
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