The European Investment Bank (EIB) has signed a loan agreement with the Instituto de Finanzas de Cantabria (ICAF), a public law entity, to build the new Museum of Prehistory and Archaeology of Cantabria (MUPAC) in the city of Santander, Spain.

The estimated value of this loan agreement is €35m ($37.8m).

This funding will help boost the cultural sector of the country and is aimed at preserving and showcasing Cantabria’s archaeological heritage.

Along with exhibition halls, the new MUPAC will feature a lab, research facilities, and regional government offices.

ICAF managing director Jesús Bulnes Peláez said: “It is an honour to have the EIB on board for financing this project of strategic interest for our region, not only because it will enable us to promote our excellent rock art and archaeological heritage, making it an international benchmark, but also because it will contribute to regional economic development.”

The MUPAC Digital Plan will also see the incorporation of AI-assisted virtual and AR technology into the museum’s collection.

This installation is in accordance with Cantabria’s digital connectivity plans.

This initiative is part of Santander’s General Urban Development Plan and represents the EU bank’s efforts to support urban regeneration and integrated urban development projects in the region.

EIB vice-president Ricardo Mourinho Félix said: “The EIB loan reflects the EU bank’s commitment to safeguarding our cultural heritage and making it accessible to all.

“We are certain that the EIB’s work with Instituto de Finanzas de Cantabria and the MUPAC’s commitment to research and digitalisation will make the museum a centre of reference for prehistory benchmark in Europe.”