Nestled in the heart of Iași, Romania, the Grigore T. Popa University of Medicine and Pharmacy (UMF) has spent 145 years nurturing the next generation of doctors, pharmacists and other healthcare professionals.
To continue providing quality education, the university had faced significant challenges. The buildings and supplies were functional but also outdated in many respects. A lot of infrastructure was in dire need of modernisation. The dental clinics used by students at Iași University required substantial upgrades. The university wanted to create a state-of-the-art campus that would improve the quality of education and foster groundbreaking research.
Improving the facilities would be a big, expensive task because of the outdated offerings. The university needed to find funding and develop robust investment plans to ensure the project’s success.
The European Investment Bank provided this support. Through its advisory services, the Bank offered technical and financial guidance to help the school structure its investment plans effectively. With funding from the InvestEU Advisory Hub, EIB Advisory experts, along with external consultants, worked closely with the university to develop a comprehensive package that included a detailed investment plan and a risk management strategy.
Strong skills and higher education are the keys to developing a smart and sustainable economy in Romania. The returns on investment when it comes to education are immense.
Ioannis Tsakiris
EIB Vice-President
With European Investment Bank guidance, the university prepared sound investment proposals that improved its ability to find financing. As a result, Iași University received a €35.4 million loan from the European Investment Bank, marking its first external loan and a significant milestone in its development.
The impact is significant. The loan is being used to modernise the dental polyclinics and offer state-of-the-art facilities. Additionally, there will be a Centre for Fundamental Research and a Centre for Maternal-Foetal Research that will significantly improve the university’s research capabilities, bringing long-term benefits to the academic community.
