University of Latvia signs €30m deal with European Investment Bank

On July 20 the University of Latvia signed a deal worth €30m with the European Investment Bank over funding the second-phase construction of the Latvia Academic Center for Natural Sciences.

Latvia's state bulletin portal reports that the deal was signed between University of Latvia rector Indriķis Muižnieks and Rafal Rybacki, responsible for the Public Sector Department for Poland and Baltic States at the European Investment Bank.

This is the first strategic investment project in Latvia under the so-called 'Juncker plan' by the European Commission.

The total cost of second-phase works on the academic center is put at €90. It is to be finished by 2021 using money from EU funds, investment banks, the Latvian state and the University of Latvia.

The Jean-Claude Juncker plan is an initiative by the European Commission and the European Investment Bank to build up investment and create jobs across the EU. 

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