EIB ap­proves €50 mil­lion hous­ing project

Malta Independent - - NEWS -

The Euro­pean In­vest­ment Bank (EIB) has ap­proved a num­ber of projects to be car­ried out in Malta, in­clud­ing one on so­cial hous­ing.

The de­vel­op­ment was an­nounced dur­ing a sign­ing cer­e­mony held at the Fi­nance Min­istry be­tween Fi­nance Min­is­ter Ed­ward Sci­cluna and EIB Pres­i­dent Werner Hoyer. The agree­ment was for a €75mil­lion loan fa­cil­ity to be utilised by the Gov­ern­ment of Malta as re­quired in or­der to cover its con­tri­bu­tion to Malta’s Op­er­a­tional Pro­grammes for the Euro­pean Re­gional De­vel­op­ment Fund, the Euro­pean So­cial Fund, and the Co­he­sion Fund for the 2014-2020 pro­gram­ming pe­riod.

Dur­ing the cer­e­mony, Werner Hoyer also an­nounced that the Board of Di­rec­tors of the EIB ap­proved a €50 mil­lion loan fa­cil­ity for a so­cial hous­ing project which will be partly sourced from the EIB and partly from the Coun­cil of Europe De­vel­op­ment Bank.

Both the Euro­pean In­vest­ment Bank and Euro­pean In­vest­ment Fund have sup­ported cru­cial in­vest­ments for Malta since 1979. This in­cludes strength­en­ing air and mar­itime con­nec­tions, up­grad­ing tele­com and en­ergy in­fras­truc­ture, en­sur­ing clean wa­ter sup­ply and ef­fec­tive wa­ter treat­ment, and help­ing Mal­tese com­pa­nies to ex­pand.

“The EIB’s visit pro­vides an op­por­tu­nity to build on the strong re­la­tion­ship be­tween Malta and the Euro­pean In­vest­ment Bank Group. I wel­come the EIB’s sup­port for so­cial hous­ing in­vest­ment in our coun­try and wel­come the lend­ing to lo­cal banks to sup­port in­vest­ment by lo­cal com­pa­nies,” Prof Sci­cluna said.

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