UK Guarantee given to 拢292m of borrowing on the Waterside Campus Project
The University of Northampton鈥檚 拢330m new campus development has been backed by the Treasury with a UK Guarantee.
The Treasury will guarantee 拢292m of borrowing by the University to build the Waterside Campus Project, which will see the University relocate to a new campus in the town centre.
The campus is scheduled to be ready to be used by the University鈥檚 14,500 students in autumn 2018.
The University will generate 拢232m of borrowing through issuing a public bond and 拢60m through a loan from the Public Works Loan Board.
The remainder of the funding will come from the University鈥檚 cash reserves and cash from the sale of its existing campuses.
Chancellor George Osborne said that the UK was 鈥渓eading the way鈥� in 鈥渇inding innovative solutions鈥� to support the 鈥渉uge financial commitments鈥� required by infrastructure projects.
He added: 鈥淭he University is a vibrant part of the town, contributing 拢239 million to the local economy, and I look forward to seeing the new campus encourage further development of the Northampton Waterside Enterprise Zone.鈥�
Nick Petford, vice chancellor of the University of Northampton, said the guarantee was a 鈥渕assive step forward鈥� for the scheme.
He said: 鈥淥ur new Waterside Campus will help to continue the transformation of our institution into a world-leading centre for education, research and social impact.鈥�
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