Romanian university UMF Iasi receives €35.4 million EIB loan for campus development programme

• EIB loan provided for renovation, modernisation and construction of university buildings.
• University to invest a total of more than €70 million.
• Project improves UMF Iasi’s infrastructure for education and buildings’ energy efficiency.
• Agreement is EIB’s sixth with a Romanian university, bringing the Bank’s financing for Romanian higher education to over €160 million.

The European Investment Bank (EIB) is lending €35.4 million to Romania's Grigore T. Popa University of Medicine and Pharmacy Iasi (UMF Iasi) to refurbish and upgrade its campus buildings. The transaction represents UMF Iasi’s first external loan and the first EIB operation under its €200 million initiative to support higher education in Romania.

Professor Dr Viorel Scripcariu, rector of UMF Iasi, and Manuel Dueñas, the EIB’s head of public sector lending for Central and Southeastern Europe, represented the two institutions at a signing ceremony at the UMF campus in Iasi in the presence of guests and journalists.

Since 2019 the EIB has provided loans totalling €125 million to five other Romanian universities for investments to improve the quality of education and student life.

“We are very proud to be adding UMF Iasi, an educational institution with an impressive reputation and history, to the list of EIB universities we have supported, among which many leading universities across Europe. We remain fully committed to deploying our resources towards high skills and higher education, which are key for developing a smart, green and sustainable economy supporting Romania’s development. The returns on investment when it comes to education – especially university education – are immense. Highly-skilled graduates are essential to social progress and the economy,” said EIB Vice-President Ioannis Tsakiris.

Romanian medical schools, in particular, aspire to level up with European peers when it comes to both academic programmes and research activities. EIB financing can enable Romanian universities to scale up much needed investments for both educational and research infrastructure. The EIB is already supporting Bucharest University of Medicine and Targu Mureș University of Medicine. The EIB is also supporting the campus development programmes of Politehnica University of Bucharest, Babeș-Bolyai University of Cluj-Napoca and the Technical University of Cluj-Napoca.

Rector Scripcariu said the loan represents a vote of confidence in the university

“The loan agreement with the EIB represents an important moment in our evolution at the Grigore T. Popa University of Medicine and Pharmacy Iasi. This contract clearly demonstrates that our university is economically and financially sustainable, reflecting the confidence that European partners have in our ability to manage resources and implement large-scale projects,” said Rector Scripcariu.

EIB financing will support the development of the university's infrastructure through eight major investment projects. The university will modernise the dental polyclinics, thus ensuring optimal spaces for the clinical education of Dental Medicine students. The funds will also support the creation of the Centre for Fundamental Research and the Centre for Maternal-Foetal Research, both important for the development of the university's research programmes. These centres will provide the necessary framework for conducting research activities, bringing long-term benefits to the entire academic community. In addition, essential infrastructure for the well-being of the students, such as the rehabilitation of a student dormitory and the construction of a new canteen and a gym, will also be supported.

UMF Iasi has also benefited from financial and technical advisory support from InvestEU, a collaboration between the EIB and the European Commission. EIB experts and external consultants provided the university with a comprehensive package of advisory support, facilitating the preparation of a sound investment proposal and accelerating its access to finance.

Background information

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment.

Last year, around half of the EIB’s financing within the European Union was directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

EIB activity in Romania

In total, the EIB has committed more than €19 billion in financing for 193 projects in Romania since the start of its operations in the country in 1991. Highlights from last year’s results include over €2 billion worth of agreements to facilitate access to finance for Romanian SMEs and mid-caps, including in agriculture, over €1 billion for sustainable energy and natural resources, and over €1 billion for sustainable cities and regions. A full breakdown of the EIB’s lending activity in Romania, including project examples and impact stories, can be found on the dedicated page of the Bank’s website.

About InvestEU Advisory Hub

Building on the success of the European Investment Advisory Hub (ElAH), the InvestEU Advisory Hub acts as the single entry point for project promoters and intermediaries seeking advisory support, capacity building and technical assistance related to centrally managed EU investment funds. The InvestEU Advisory Hub complements the InvestEU Fund by supporting the identification, preparation and development of investment projects across the European Union. Together with the InvestEU Portal – the EU's online matchmaking tool – the aim is to strengthen Europe's investment and business environment. Managed by the European Commission and financed by the EU budget, the InvestEU Advisory Hub connects project promoters and intermediaries with advisory partners to help projects reach the financing stage. The EIB is the main partner of the European Commission implementing the InvestEU programme.