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    Reference: 20200655
    Release date: 2 March 2021

    Promoter – Financial Intermediary




    Programme loan aimed at financing the construction and renovation of social and affordable housing projects in Spain.


    The operation aims to increase the supply of social and affordable housing notably for rent, including new construction as well as refurbishments, energy efficiency measures, accessibility improvements, and ancillary infrastructure and equipment, thereby improving the flexibility and functioning of the housing market and offering greater housing options for low and medium income households and vulnerable groups. The investments in new construction are expected to improve the social mix and to promote greater social inclusion; and the refurbishment of the existing housing stock will increase the quality and appearance of the buildings and the attractiveness of the immediate surrounding areas, therefore contributing to urban development and the renewal of deprived areas and promoting sustainable urban patterns.


    Proposed EIB finance (Approximate amount)

    EUR 300 million

    Total cost (Approximate amount)

    EUR 600 million

    Environmental aspects

    The construction of new social and affordable housing units as well as the refurbishment of the existing housing stock will meet good environmental standards, will improve the quality of buildings and their energy consumption, and will contribute to maintaining and improving the quality of the built environment. Given the scope of the Operation, an environmental impact assessment (EIA) may be required for some of the underlying sub-operations. This will be verified either during the appraisal of the sub-operations and confirmed during the allocation of funds to the actual housing schemes. The sub-operations' implementing bodies will be required to act according to the provisions of the relevant EU Directives, including SEA, EIA, Habitats and Birds Directives and to keep a record of relevant documents supporting environmental compliance (SEA, EIA, NTS, Nature Assessment). It is expected that most of the investments will be located in already urbanised areas. Therefore, significant impacts on protected sites, including Natura 2000 areas, are deemed unlikely. The underlying operations will support schemes coherent with relevant regional and local development strategies, multi-annual financial forecasts, spatial planning and housing strategies.


    The Bank will require the Promoters of the individual sub-operations under this programme loan to ensure that contracts for the implementation of this programme have been and will be tendered in accordance with the applicable legal framework for procurement. It is foreseen that the majority of the Promoters will be regional and municipal authorities falling under the EU Public Procurement legislation. For the Promoters falling under such legal framework, the Bank will require them to ensure that contracts for the implementation of the sub-operations have been and will be tendered in accordance with the relevant applicable EU procurement legislation (in particular Directive 2014/24/EU, as well as Directive 89/665/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required. In the case of private promoters not falling under EU Public Procurement legislation, the Bank will require that the procurements meet the criteria of economy and efficiency and the contracts are awarded in the project's best interests. As the Promoters of the individual sub-operations under the programme are not yet known, their procurement regime will be assessed during the individual appraisal of the underlying operations.


    Approved - 3/02/2021


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Spain Urban development