European Investment Bank to loan government €50m for social housing project

A number of projects to be carried out in Malta, including one on social housing estimated at €50 million, have been approved by the European Investment Bank (EIB), following an agreement signed between finance minister Edward Scicluna and EIB president Werner Hoyer.

The agreement was for a €75million loan facility to be utilised by the government 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 signing ceremony, Hoyer also announced that the Board of Directors of the EIB approved a €50million loan facility for a social housing project which will be partly sourced from the EIB and partly from the Council of Europe Development Bank.

EIB and the European Investment Fund have supported crucial investments for Malta since 1979, including strengthening air and maritime connections, upgrading telecom and energy infrastructure, ensuring provision of 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,” Scicluna said. “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.”