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."
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