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."
The EIB Group has stepped up its level of precaution at its headquarters in Luxembourg and in its external offices. All staff will telework as of 16 March. A small number of staff whose physical presence on EIB premises is indispensable will continue to be present on the EIB campus. The decision aims to protect the health of employees and ensure the continuity of the EIB Group’s activity.
On Wednesday the EIB identified its first case of one staff member who tested positive for corona virus.
As a precautionary measure, the EIB decided not to hold the meeting of its Board of Directors planned for Thursday 12 March in person. Decisions on the Board’s agenda will be taken by written procedure. The Bank has put in place measures to prevent disruption to its governance or operation approval schedule.
On Monday 2 March, the former President of the European Council, Donald Tusk, visited the EIB in Luxembourg on a joint invitation from the Bank, the European Stability Mechanism (ESM) and the Court of Auditors.