€50 MILLION HOUSING PROJECT APPROVED BY THE EUROPEAN INVESTMENT BANK

Reference Number: PR162055, Press Release Issue Date: Sep 23, 2016
 
The European Investment Bank (EIB) has approved a number of projects to be carried out in Malta, including one on social housing.

This was announced during a signing ceremony held at the Ministry for Finance, between Minister Edward Scicluna and the President of the EIB Werner Hoyer. Today’s 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.

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During the ceremony, Werner 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.

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.

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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,” said Minister Scicluna.

President Hoyer was accompanied by Vice-President Dario Scannapieco, Head of the President's Office Mirko Becker, Protocol Head of Division Dieter Bachlmair, Director for Communications Matteo Maggiore, Head of EIB Rome Office Andrea Tinagli, Director Alessandro Izzo, Head of Division (Legal Directorate) Massimo Novo, and Senior Media Officer Marco Santarelli.

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Also present for the ceremony were Parliamentary Secretary for the EU Presidency 2017 and EU Funds  Ian Borg, Ministry for Finance Permanent Secretary Alfred Camilleri, Chief of Staff Tania Brown, Director (Debt Management) Treasury Stefano Manicolo, Director Government Accounts Treasury Michael Zammit Munro, and Assistant Director Treasury Joe Farrugia. Also present were Malta’s Director and Alternate Director to the EIB Stanley Mifsud and Claude Cuschieri.