The Royal Institute of British Architects (RIBA) has announced the second edition of The RIBA International Prize, a prestigious biennial architecture award that aims to recognize the best new buildings around the globe.

Now open for entries, the RIBA International Prize 2018 will be awarded to a building which exemplifies excellence in design, architectural ambition and delivers meaningful social impact.

The prize is open to any qualified architect in the world, for projects of any size, type or budget. Entries close on Oct. 17, 2017.

The inaugural RIBA International Prize 2016 was awarded to Grafton Architects, the curators of the 2018 Venice Biennale, for their outstanding university building, UTEC (Universidad de Ingenieria y Tecnoloiía) in Lima, Peru.

The innovative "vertical campus" structure was dubbed "a modern-day Machu Pichu" by the RIBA jury.

After a rigorous vetting process, two expert panels of jurors will visit each of the shortlisted buildings twice in person, before the Grand Jury selects four finalists for a final visit. The winner will be announced in November 2018.