CEB to provide financing to Riga Technical University
20 November 2018
PARIS – The Council of Europe Development Bank (CEB) has approved a €15 million loan to Riga Technical University (RTU) to finance the modernisation of its infrastructure and further development of its campus.
Established in 1862 as a polytechnic higher education institution, RTU is Latvia’s oldest university and one of the two largest in the country, comprising nine faculties and some 15,000 students enrolled in a range of academic programmes. Its student population represents one-fifth of the total number of higher education students in Latvia.
In recent years, the university has been undergoing a major modernisation of its infrastructure. The aim is to create an environment conducive to innovation and academic excellence, with modern buildings and technical equipment suitable for efficient work and study.
The funds provided by the CEB will make an important contribution to the modernisation and further development of the Ķīpsala university campus. More specifically, the CEB will finance the renovation of the Faculty of Civil Engineering, the Faculty of Mechanical Engineering, Transport and Aeronautics, the construction of the Faculty of Computer Science and Information Technology, and the establishment of the Science and Innovation Centre as well as of public auditoriums. It is expected that more than 7,000 students, almost half of the university’s student population, will benefit from the works.
CEB Governor Rolf Wenzel said: “Education is a tool that gives young people the opportunity to develop themselves, thrive, and help to build inclusive, prosperous societies. This is why financing projects in all levels of education is of major importance to the CEB. We are proud to be financing the ongoing modernisation of RTU infrastructure, which will not only benefit the university’s staff and students but will also strengthen the quality and competitiveness of Latvia’s higher education as a whole.”Latvia became a CEB member in 1998 and has since benefited from CEB financing in the area of environmental protection as well as in education and vocational training. The most recent loan was to the University of Latvia, one of the largest academic institutions in the Baltic States, to support the development of its campus in the Torņakalns area of Riga and provide state-of-the-art facilities for students and staff.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook positive and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.