BAKU, Azerbaijan, July 15. The European Investment Bank (EIB) will finance the construction of affordable rental housing throughout Catalonia, Trend reports.
According to the bank, this is a total loan of 490 million euros, with a first tranche of 163 million euros being signed with the Catalan Institute of Finance (ICF), backed by the EU's InvestEU program
The investment is expected to finance the construction of more than 4,300 affordable social housing units (VPO) for rent, benefiting more than 10,000 people, thereby contributing to social inclusion and urban regeneration.
The housing units are expected to be completed between the signing of the loan and mid-2028, helping to address the deficit of affordable rental housing, reduce energy consumption and the resulting costs for tenants, and lower greenhouse gas emissions. The investment aligns with the EIB's strategic priority to strengthen Europe’s social infrastructure by investing in healthcare, education, and housing.
The project will also promote economic growth and the creation of skilled jobs in the construction sector. It is estimated that the project will generate the equivalent of 6,850 jobs during its execution.
This loan adds to other existing financing and advisory collaborations between the EIB Group and the ICF, aimed at promoting the dual green and digital transition and enhancing business competitiveness. Recent collaborations include the launch of the Advanced Technology Investment Fund (FITA) in February 2024 and the loan signed in June 2023 between the EIB and ICF to finance SMEs and mid-caps in Catalonia, which included an advisory service for sustainable projects.