BAKU, Azerbaijan, April 1. The University of Crete in Greece will receive 95 million euros in financing from the European Investment Bank (EIB) to support the construction of affordable student housing and the upgrade of campus facilities, Trend reports.
The project, part of a Public-Private Partnership (PPP) with the AKTOR Group, will see the development of over 109,000 square meters of student housing and academic spaces at the university’s Heraklion and Rethymno campuses.
The EIB financing, backed by the InvestEU programme, will help build 2,833 rooms and apartments, providing up to 4,846 beds. The new buildings will be energy-efficient and incorporate climate adaptation measures, surpassing Greece’s Nearly Zero Energy Building (NZEB) standards.
The project, which includes a new 800-seat amphitheatre at the Rethymno campus, is part of a broader plan to enhance public university infrastructure in Greece. The Greek government plans to increase the number of available student housing beds to 21,000, up from 12,457, through public-private partnerships with a total budget of 700 million euros.
The EIB is co-financing the 190 million euro project alongside Piraeus Bank, with both institutions providing technical assistance to ensure energy efficiency and adherence to EU Taxonomy criteria. This project aims to address the growing need for affordable student housing while improving access to higher education in Greece.
The EIB’s investment supports the EU’s broader goals to tackle housing shortages, enhance infrastructure, and promote sustainability across Europe.