I really want to work with the Deputy and other Members of the Oireachtas on student mobility on the island of Ireland. The Deputy probably saw the ESRI report. We can do so much more on this. Perhaps we can return to it another day. We can all do good work together on this.
Following a Government decision in June, my Department is responsible for management of the implementation of this very exciting project relating to the Magee campus of Ulster University. It will see the construction of a new teaching block in the University of Ulster's Derry campus. The estimated cost is £45 million over a four-to-five-year timescale. Ulster University, UU, has committed to providing 15% of that cost, while the Department of the Taoiseach has committed to funding the balance, up to a limit of €44 million, from the shared island fund. As the project progresses over that time, moneys from that fund will be transferred into my Department's Vote. Officials in my Department are working with the senior management team in Ulster University, as well as officials in the Department for the Economy in Northern Ireland, to establish an appropriate framework to oversee the delivery of this complex cross-Border capital project. I will visit both Belfast and Derry before the end of the year.
The positive collaboration with Ulster University arising from this project has now led to further opportunities for collaboration outside of the shared island initiative. Specifically, a separate opportunity across the healthcare domain has now arisen, which has allowed me to secure additional places in Ulster University and Queen's University Belfast in key therapies and nursing for students from this jurisdiction. It is important to note that these places are funded by both my Department and the Department of Health. I am pleased to be able to confirm to the Deputy today, fresh off the presses, that we will see further college places ring-fenced for therapies students this year, and we believe we will be able to increase the number of places in this academic year. We intend to go further next year with medicine places ring-fenced for students from Ireland.
The Magee campus provides us with a huge opportunity. Magee now has a medical school. Derry has been underserved as regards education for so many years. We know that. It is a city larger than other cities on this island which have had much smaller student populations. Expanding the campus provides real opportunities for north-west collaboration. I was in Letterkenny recently and I know that the people there are very excited about the opportunities for Atlantic Technological University and Magee to interlock and work together on a cross-Border basis.
