Brussels, 03/05/2011 (Agence Europe) - Magdalena Álvarez Arza, Vice-President of the European Investment Bank (EIB), and José Blanco López, Spanish Minister of Public Works, signed a framework agreement in Madrid last month on co-financing Spain's 2009-2012 State Plan for Housing and Refurbishment.
The agreement provides the preliminary framework for an EIB contribution of up to €800 million to the 2009-2012 State Plan for Housing and Refurbishment. The aim of this EIB financing operation is to assist the Plan's “Programme for the Promotion of Social Housing for Rent”. It will be implemented in the form of loans advanced by the EIB to credit institutions, particularly the Instituto de Crédito Oficial, which will in turn on-lend the funds at advantageous terms to promote social housing for rent.
A press release from the Collectif SSIG (social services of general interest) notes that, in 2010, the EIB signed funding contracts with Spain worth a total of €9.3 billion, making that country the main recipient of EIB loans for the seventh consecutive year. (G.B./transl.rt)