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.
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