Edinburgh University's £50m loan opens a new chapter for library Stock pictures. First week of the academic term at Edinburgh University. KEYWORDS: students, university, study, books, learning, library, education, degree, undergraduates, revision. 22nd September 2009. By CHRIS MARSHALL Published on Monday 23 January 2012 00:00 ONE of Scotland's leading universities has secured £50 million in funding from the European Investment Bank in a deal to improve teaching and research at the institution. The principal of Edinburgh University will today sign the agreement with the EIB, which provides funds on behalf of the European Union. The long-term loan will be used for an "ambitious refurbishment" of the university that will help fund the creation of a new climate change centre, as well as improvements to the ageing library at George Square. The substantial loan follows on from about £1.6 billion worth of investment by the EIB in UK education over the past five years, including projects at Strathclyde, York and Bristol universities. The funding will support the creation of the new Edinburgh Centre for Climate Change at High School Yards, Drummond Street, which will become a hub for the study of global warming - including improvements to the Old High School building. According to the university, the centre will provide a base for creating low-carbon solutions to the problems associated with global warming. It will work alongside businesses, as well as local and national government and is being supported by both Edinburgh Napier University and Heriot-Watt University. Professor Sir Timothy O'Shea, the principal of Edinburgh University, said: "We are enormously grateful to the European Investment Bank for the offer of this loan, which we are delighted to accept. It will help to fund a range of new-build and refurbishment projects that will enhance the quality of the research and teaching infrastructure at Edinburgh. It will also make a significant contribution to our commitment to energy-efficient facilities for students and staff. Money will be made available for improvements to the university's School of Languages, Literature and Cultures, which is based around the university's George Square campus. There will also be funds for the university's main library, with the Sir Basil Spence A-listed building, which is currently undergoing a phased refurbishment that will create an extra 600 study places. Other major projects currently being undertaken by the university, include the re-development of its Easter Bush campus in Midlothian and the creation of a new library building at King's Buildings in the south of the capital. The lending institution of the EU, the EIB provides money for projects that help contribute towards policy goals such as cutting carbon emissions. Simon Brooks, vice-president of the EIB, said: "This project demonstrates Edinburgh University's impressive ambition to ensure the continued improvement of teaching facilities and research for future generations of students. The European Investment Bank is committed to funding educational excellence across Europe and is pleased to support this landmark investment in one of the leading academic institutions in Scotland. Education secretary Mike Russell added: "The decision by EIB reflects the excellent reputation Scottish higher education enjoys across Europe and beyond."