The expansion, which will include the construction of a new Science and Innovation Campus, in addition to the regeneration of the University’s Singleton Park Campus, will create world-leading research, innovation and education facilities in Swansea.

About 4,000 direct jobs will be created during the construction phase, with a further 6,000 indirect jobs supported in the wider economy as a result.

The funding announcement took place at the formal launch of the programme at Swansea University, where a funding agreement was signed by Professor Richard B. Davies, Vice Chancellor of Swansea University and Simon Brooks, Vice President of the European Investment Bank.

First Minister Carwyn Jones also attended the launch and said: “This is a hugely exciting project for Swansea and for Wales. I am delighted that the European Investment Bank has announced this £60 million investment to take the scheme to the next stage.

“The University’s plans are highly ambitions and they predict it has the potential to create thousands of jobs. That’s why I am also pleased to announce that the Welsh Government will also be providing over £30 million of support which includes EU funding. This expansion will be a huge boost to R&D and economic regeneration in the area and I wish it all the best for the future.”

 Swansea University’s Vice Chancellor, Professor Richard B. Davies said:

“We are enormously grateful to the European Investment Bank and the Welsh Government for helping us to realise our ambitious expansion plans.

“The new Science and Innovation Campus is a transformational project for Wales and for the University.  It promises to become a global exemplar for how a research intensive university can work effectively with industry, helping to drive economic regeneration and creating exciting employment opportunities for its graduates.

“The new facilities, world-leading research, and well-qualified graduates, will attract multi-national companies and support the development of high-tech clusters in the region.

“The campus expansion will be particularly advantageous to students.  The closer collaborative working between the University and industry will help ensure the most relevant and up-to-date degree programmes and there will be unique opportunities for students to acquire the skills and experience valued by employers.

European Investment Bank Vice President, Simon Brooks, said: “The impressive Bay Science and Innovation Campus project reflects Swansea University’s strong ambition to combine excellent teaching facilities with enhanced collaboration and research with the private sector. This scheme will not only benefit future generations of students, but develop specialist skills, drive innovation and enhance economic growth in Wales. The European Investment Bank is committed to funding leading research and educational excellence across Europe and is pleased to support this landmark investment.”

The new Science and Innovation Campus will co-locate the University’s College of Engineering and School of Business and Economics with a range of multinational, national and local businesses.