5 million loan agreement of the Council of Europe Development Bank (CEB) for the further development of the Academic Centre. The CEB loan will part-finance phase II of the development of the university campus in the Torņakalns area of Riga (total financing of phase II - EUR 90 million) which involves the construction of the “House of Science” and the “House of Letters”. The other necessary financing is provided by European Investment Bank within a framework of the so called “Juncker Plan” and the European Regional Development Fund.
Founded in 1919, the University of Latvia is one of the largest academic institutions in the Baltic States, with more than 15,000 students and over 1,000 academic staff. Its aim, which is reflected in its 2015-2020 strategy, is to be one of the leading science universities in the Baltic region and recognised as a major research and innovation centre in Europe and globally. In order to increase its capacity and upgrade its facilities, the University has been undergoing extensive modernisation in recent years. The modernisation work is expected to have significant benefits for the University community and more broadly for higher education in Latvia. In terms of capacity, it is anticipated that, by the time the project is completed, the University should be able to host an additional 1,000 students and a further 1,000 students by 2026.
The team of TGS Baltic lawyers provided legal assistance in relation to the loan agreement and adaptation of its terms to the specific project of the University of Latvia and the university itself as a derived public institution.
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