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European Investment Bank backs Spanish housing

Tue 19th Apr 2011

Last week Spain's Ministry of Public Works and the European Investment Bank (EIB) signed a framework agreement for the co-financing of Spain's state plan for housing and rehabilitation for up to the end of 2012.

The value of the funding was put at 800 Million Euros.

The funding provided by the EIB will be allocated to the plan's programme for the promotion of social housing for rent and will be implemented in the form of loans advanced by the EIB to credit institutions, particularly the Official Credit Institute. These institutions will in turn onlend the funds on terms that are beneficial to the borrower to promote social housing for rent within Spain.

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