Welsh Labour MEP, Derek Vaughan, has welcomed today’s announcement that Swansea University will receive £60m of funding from the European Investment Bank towards the developments of new Science and Innovation Campus on Fabian Way and the regeneration of its Singleton Park Campus.
Mr Vaughan, who has been closely involved in the project since his time as Leader of Neath Port Talbot County Borough Council, in whose area the Innovation Campus will be based, said:
"The support of the European Investment bank will be absolutely key in enabling the University to expand its facilities and maintain its place at the cutting edge of research and development.
It is an ambitious project that will eventually lead to Swansea University playing host to one of the largest, modern economic projects in Europe and drive forward the creation of more highly skilled jobs in the Welsh economy. With companies such as Rolls-Royce, BAE, Hewlett-Packard and Tata already signed up, Wales will be taking a huge step with this development in bringing the research and industrial sectors closer together to innovate and enhance economic growth.
The use of European Investment Bank funding, alongside the effective working partnership formed by the University, industry and local and Welsh Government, will create a facility that will put Wales at the forefront of academic and business competitiveness in the European and worldwide marketplace. Having seen the plans evolve over the last few years, it is particularly pleasing to see it now becoming a reality."