EIB approves €50 million housing project

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 proj- ect 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.