The University of Kent is to receive a £75m loan from the European Investment Bank for a series of projects including a new library and business school.

Repayable over 25 years, the loan is part of a five-year plan of investment, which will see the institution spend £211m on its facilities.

The cash will be used to continue the existing Templeman Library development at the Canterbury campus and improve academic and teaching spaces at its Medway campus.

The money will also be used to develop a new building for the business and mathematics schools and provide more space for academic schools which have grown significantly in recent times.

Plans for new student facilities are also being developed, including a student administration building, and new facilities will be built for the Kent Law Clinic, the university’s legal advice service.

Other university property is to be updated to reduce energy costs by about 19%.

Professor Dame Julia Goodfellow, who formally agreed the funding on Thursday, said: “As a top 20 university, we have a commitment to teaching and research excellence and to delivering the best possible student experience.

“We are delighted that our track record in delivering extensive and large scale development projects in support of this commitment has been recognised by the European Investment Bank.

"This is yet another indicator of the importance of Europe to the UK’s universities.”

European Investment Bank vice president Jonathan Taylor said: “Investment in research and teaching facilities at leading universities is essential for Europe’s competitiveness and to ensure that students gain skills necessary for the global economy.

“The significant new developments at the University of Kent backed by the European Investment Bank will build on the institution’s strengths.

"We are very pleased to support this university as part of our broader commitment to long-term investment in higher education.”

Construction work on some of these projects is already underway and is expected to finish by 2018.

Tunbridge Wells-based lawyers Cripps LLP and treasury management consultancy firm Murja Limited both worked on the deal.