Malta: EUR 25m to Malita investments for a social housing large project
30 June 2017
First EIB loan to a social housing project in Malta. A EUR 24,7 million financing to Malita investments was signed last 28 June, in Valletta, the Maltese capital.
The contract was signed at the Ministry of Finance’ venue by Kenneth Farrugia, Chairman of Malita Investments and Miguel Morgado, EIB Adriatic sea Director, and Andrea Tinagli, head of division for Malta, in the presence of Hon Michael Falzon, Minister for the family, children’s rights and social solidarity and Hon Edward Scicluna, Minister for finance. Also the Council of Europe Development Bank finances the project, whose total costs will be around EUR 58 million.
In details, Malita will develop 680 housing units consisting of 1, 2 and 3 bedroom apartments. The units will be constructed in 16 different sites across Malta and will address a shortage of affordable housing units which are available to persons who cannot afford to purchase their own residential home or lease the above average and high-end quality apartments that are being introduced in the market.
Dario Scannapieco, EIB Vice-president responsible for Malta noted that, "The project will contribute to the alleviation of the current shortages in social housing supply in Malta and generate significant positive social benefits in deprived communities. The EIB is proud to be a partner of the Maltese Government, Malita Investments and the Social Housing Authority in this project, which will be the first social housing operation in Malta for the EIB and confirms the commitment of EIB towards housing investment."
Malita Investments plc and the EIB are pleased to announce the signing of a finance contract which, alongside other sources of funding, including Malita’s share issue which will open to the public on the 23rd July 2012, will be used to finance the construction of Parliament Building and the Open Air Theatre.
The EIB today confirmed support for record new investment in social housing totalling EUR 405 million that will construct and improve thousands of properties across Ireland. It is expected that 1,400 new homes will be built and more than 700 properties upgraded in Dublin and across the country under the new initiative jointly financed with the Housing Finance Agency.
A new initiative jointly backed by the Housing Finance Agency and the European Investment Bank is expected to support investment in 2,000 social housing units to be developed across Ireland over the next three years.