CEB finances next phase of new university campus development in Riga

• The project consolidates the majority of the University's activities on a single campus, offering cutting-edge facilities for students and researchers.
• The healthcare and sports infrastructure will be accessible to students and staff of university, as well as the to the local community.
• Consistent with the "Green University" strategy, the new buildings are designed to achieve exceptional energy efficiency.

PARIS - The Council of Europe Development Bank (CEB) and the University of Latvia (UL) have entered into a €15 million loan framework agreement to support the third phase of the university's campus development in Riga. This initiative seeks to consolidate the majority of the university's activities on a unified campus and to establish state-of-the-art facilities for students and researchers.

The CEB loan will primarily fund the construction of new facilities in two areas: the Healthcare infrastructure is designed to provide comprehensive services, including primary care, secondary care, and rehabilitation, and will also house a Sports Science Centre. The sports infrastructure will feature versatile, transformable halls suitable for various sports activities, as well as a swimming pool and a gym. These facilities will be accessible not only to University of Latvia students and staff but also to the wider population of Riga.

Aligned with the university's "Green University" strategy, the new buildings are being designed to meet the highest energy performance standards.

"The CEB is delighted to support this state-of-the-art university campus in Riga which combines education, wellbeing and healthcare goals with the highest energy efficiency standards," said CEB Governor Carlo Monticelli. "We look forward to working with our partners at the University of Latvia and demonstrating how social investments can help achieve a broad range of mutually reinforcing goals for our member countries."

"It is a strategic goal of the University of Latvia to develop single campus which would consolidate university's activities and foster an active exchange of ideas and knowledge among scientists, students, and also the community," stated Prof. Gundars Bērziņš, Rector of the University of Latvia. "The university is deeply appreciative of the opportunity to collaborate with the Council of Europe Development Bank. Bank's support for the next phase of the Academic Centre development reflects a positive endorsement of the university's vision and strategic goals."

The University of Latvia has successfully completed the commissioning of two buildings in 2014 and 2019 and is currently constructing a third building, partially financed by the Council of Europe Development Bank. Upon completion of this third building, the majority of the university's academic and research activities will be centralized on the campus. Future phases of the campus development include the establishment of healthcare and sports infrastructure, for which procurement is currently underway, as well as plans for a technology transfer centre and student accommodation facilities.

About the CEB
The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.

About the 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.