Latvia: EIB supports final phase of new university campus development in Riga

• The project brings together most of the University's activities on a single campus and provides advanced facilities for students and researchers.
• In line with the “Green University” strategy, the new buildings will aspire to the highest energy performance, with the aim to exceed the standards for the near zero energy buildings. 

The European Investment Bank (EIB) has signed a €25 million financing contract with the University of Latvia to finance the third phase of the university's campus development programme in Riga. This project aims to bring together most of the University's activities on a single campus and provide advanced facilities for students and researchers.

The development includes the construction of two new facilities, the "House of Health" and the "House of Sports". The "House of Health" will combine teaching and research facilities for the university's medicine, biology, and physics and chemistry faculties, as well as an outpatient clinic. The "House of Sports" will provide sports facilities for use by the university's students for study programmes and leisure activities.

In line with the university's "Green University" strategy, the new buildings will aim to achieve the highest energy performance standards, surpassing the near zero energy building standard. The European Investment Advisory Hub (EIAH) has assisted in developing the business and financial plan for the campus expansion.

The EIB's support for the University of Latvia's new campus aligns with the bank's goals of promoting innovation, digital and human capital, and environmental sustainability. The previous loan for the construction of the "House of Letters" is already underway, and the Bank has also financed the construction of the "House of Nature" and the "House of Science" through EU grants.

"This new university campus is a valuable opportunity for the University of Latvia to enhance its position in the higher education landscape," said EIB Vice-President Thomas Östros, who oversees the Bank’s operations in Latvia. "The Bank is pleased to support the university's expansion strategy and help promote economic growth and employment in the region while supporting environmental sustainability in line with the university's 'Green University' strategy."

"The fact that the University of Latvia is developing a single campus is very significant, as it ensures active exchange of ideas and knowledge among scientists and students from various fields," said the Rector of the University of Latvia, Prof. Gundars Bērziņš. "The future plans for the development of the Academic Centre are ambitious, and their implementation requires time and funding. The University of Latvia is grateful for the opportunity to collaborate with the European Investment Bank. The support of EIB for the development of the next phase of the Academic Centre signifies that the European Investment Bank has positively evaluated the university's development plans."                                                                    

Background information

EIB 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances 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, adaptation, and a healthier environment.  

Approximately half of the EIB's financing within the European Union is 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. 

The EIB Group has provided €82 million in financing for projects in Latvia in 2023.

University of Latvia

The University of Latvia is a science university rooted in the tradition of classical European universities, combining and advancing the country's main interdisciplinary study and scientific research potential in the natural sciences, humanities, and arts, as well as in medical and health sciences, and social sciences.

At the Academic Centre in Riga, the University of Latvia is creating an interdisciplinary, open, and innovation-focused environment for outstanding work and studies. Currently, it houses the House of Nature and the House of Science, and the next to open its doors will be the House of Letters. The Academic Centre is also planning the construction of House of Technology, Sports, and Health, as well as an accommodation for students and researchers.