The Northern Australia Infrastructure Facility (NAIF) welcomes the Queensland Government advising that the State will not exercise its veto right regarding NAIF’s $46 million loan to James Cook University (JCU) for new student accommodation on the JCU Townsville Campus.
The $53 million project is designed to help the University meet future demand for on-campus accommodation. The project consists of a seven storey facility to house 425 students.
Once complete, there will be around 1,400 on-campus beds available for students.
NAIF Chief Executive Officer Chris Wade said: “NAIF is a long-standing supporter of JCU and we are pleased that the Queensland Government has decided not to veto NAIF’s $46 million in investment to support the development of new student accommodation. This is the latest project in Townsville to be supported by NAIF and illustrates how we can be a key partner in infrastructure development across northern Australia.”
This is the second project at JCU supported by NAIF. A $96 million loan was approved by NAIF for the construction of a Technology Innovation Complex in June 2018.
Following Queensland Government’s ‘non veto’ of the loan, parties will now work achieve financial close which will allow JCU to draw down NAIF’s loan as the university requires.
Mr Wade added: “We will continue to work with JCU through the final processes and thank the Queensland Government for their assistance to date.”