The European Investment Bank (EIB) is to finance the construction of 524 energy-efficient rented social housing units in Navarre, Spain.
The bank will provide a €40m loan under the Juncker Plan after an agreement was signed in Pamplona last month by Roman Escolano, the vice-president of EIB.
The 524 homes will be built in metropolitan areas of Navarre over the next three years and will be nearly zero energy buildings.
“The agreement that we are signing today combines two of the EIB's priorities: fostering social integration in the European Union and helping to reduce the effects of climate change,” said Mr Escolano.
“As the EU bank, the EIB works to improve the life of Europe's citizens.
“We are therefore delighted to support this project, which also represents a good example of the major implementation of the Investment Plan for Europe in Spain.”
All units will meet high energy efficiency standards in line with the EU energy performance directive, which will come into force in 2020 and requires all new buildings to be nearly zero energy.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Monese urges holidaymakers to shop around for their bank to save money abroad
Brits travelling abroad have been encouraged to save money by shopping around for bank accounts...
Tandem introduces healthy balance feature
Digital bank Tandem has announced the launch of a new healthy balance notification feature on its banking app...
The Access Bank UK joins Bacs
The Access Bank UK has been announced as the latest brand to join Bacs Payment Schemes Limited (Bacs)...
Nearly 75,000 SMEs supported through BBB programmes
The British Business Bank (BBB) has reported that the total stock of finance provided through its programmes in the last financial year rose by 33% to £12.25bn...
Close Brothers’ banking division reports 6.6% loan book growth
Close Brothers Group PLC has revealed that its banking division has seen a 6.6% growth in its loan book in the 11 months to 30th June 2018...
Leeds introduces two-year fixed rate BTL product
Leeds Building Society has launched a two-year fixed rate buy-to-let (BTL) mortgage product as part of a wider refresh of its 70% LTV BTL range...
Just 20% of Brits would opt for a challenger bank
Only 20% of UK residents would opt for a challenger bank if they were opening a new account today, according to research from Equifax...
Santander to form digital investment banking team
Banco Santander has announced that a new digital investment banking team will be formed within Santander Corporate & Investment Banking...
Metro Bank introduces developer portal
Metro Bank has launched a new developer portal for FCA-registered third parties wishing to build services on top of its APIs...
Wesleyan Bank appoints new head
Wesleyan Bank has appointed David Brownbill (pictured above) as its new head of indirect sales...
Arbuthnot announces profit surge
Arbuthnot Banking Group has reported a half-yearly profit before tax of £3.5m for the six months to 30th June 2018, up from the £2.5m recorded during the same period last year...