The loan will help with the development of new student residences as well as a new building for its college of medicine, nursing and health sciences.
The financing agreement marks the completion of a €675m EIB Irish university lending programme, which has supported capital investment at the universities through low-cost, long-term financing.
NUI Galway President Dr Jim Browne said the University was at the end of a ten-year capital development plan and the construction of residences for 430 students was already in its early stages.
Minister for Education Richard Bruton said the EIB funding has already helped fund new schools and universities in Cork, Limerick, Maynooth and Dublin.
Less than three years ago the EIB set out to ensure that all Irish universities could benefit, and now Ireland is the only country in Europe where all universities have benefited from EIB backed investment.
The EIB is also expected to provide €110 million to support the new Grangegorman campus at Dublin Institute of Technology in the coming months.
H/T: Irish Times