Santander UK secures £65 million from the European Investment Bank for education

Santander will receive the third tranche of funding from the European Investment Bank (EIB) to provide discounted loan rates to higher and further education facilities, science parks, incubation centres and other qualifying businesses in the education sector. The programme is part of the EIB’s engagement to support and strengthen the UK’s knowledge economy.

The Spanish bank said that

“The £65 million fund will help support the education sector, in turn helping to generate new jobs and drive local economic growth.”

Eligible projects include campus redevelopment and relocation, the construction of specialist science parks and start-up company incubator facilities. The programme builds on the specialist education finance experience of the partner banks.

Steve Pateman, head of Santander Corporate and Commercial Banking, highlighted that the £65 million agreement with the EIB signals the bank’s commitment to

“The Education sector [,which] is vitally important to the UK economy.”

The European Investment Bank has over the last five years provided £1.6 billion for education investment in the UK, like projects with Edinburgh, Strathclyde, York and Manchester universities as well as Imperial College London.

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