A team from Queen's University has received a 'green' award
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Queen's University in Belfast is to spend £259m over the next five years to improve teaching and research.
Most of the money will be used for buildings and equipment but it has also allocated £28m to recruit 140 academics from around the world.
The building and capital development budget is almost £190m, and a new £45m library is due for completion in 2009.
Students will also benefit from the increased spending with bursaries and scholarships totalling £21m.
Queen's said the multi-million investment was needed to secure its position as a "global leader in research and education, and ensure a world-class experience for its students".
It said the investment in staff, students, and facilities would underpin the university's academic plan, which has been agreed by its governing body, the senate.
The university said it has embarked on a major recruitment programme to attract "high calibre" academics from around the globe.
The first phase of the campaign gets under way this week, with the advertisement of 45 posts in such fields as english, law, management and economics, chemistry, pharmacy, medicine and biomedical sciences.
BBC Northern Ireland Education Correspondent Maggie Taggart said: "Eight years ago the university attempted to force out staff who were not considered to be doing enough research.
"The university says there is still a need to make sure academics are involved in research as well as giving students a high quality education."
A further £10m will be invested in new centres of excellence to build on the university's record of research in the areas of sustainability, health improvement, Irish studies, and child protection and welfare.
There will also be the introduction of 46 new educational programmes.
Queen's vice-chancellor Professor Peter Gregson said: "This plan is not just an investment in Queen's and in our staff and students but in the future of Northern Ireland.
"It will ensure that we offer our students the opportunity to acquire qualifications which are valued around the globe in a world-class learning environment. It will also enhance our role as a driver of local economic, social and cultural development.
"By reinforcing Northern Ireland's reputation as a centre of international research, it will make a major contribution to job and wealth creation and act as a magnet for international investment.
"The Academic Plan is a blueprint which will ensure our future as an internationally-renowned centre of academic excellence at the heart of the community we serve."