U.S. Overseas Private Investment Corporation (OPIC) has repeatedly approved the provision of $6.407 million loan with twelve-year tenor to Ukrainian Catholic University of the Ukrainian Greek-Catholic Church in Lviv.

According to a report of OPIC, the funds will be used for construction of a multi-purpose academic building and a residential building to expand the university campus.

The total cost of the project is $13 million. The U.S. sponsor is Ukrainian Catholic Education Foundation Inc., a not for profit corporation organized in Illinois.

According to the materials, with the expansion of academic and residential buildings, the university expects enrollment to increase by 50% in the coming years, while the school also expects to nearly double the number of need-based scholarships it offers for local students.

As reported, last year OPIC approved the similar project. Then the loan was $6.2 million with the total cost of the project of $12 million.

Ukrainian Catholic University was built in 2002.