The European Investment Bank (EIB) has signed an agreement to provide €250m ($268.2m) funding to the Action Logement Group’s subsidiary in’li.
The funding will be utilised to in speed up the construction of affordable housing in Île-de-France.
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In’li has set an aim to build approximately 80,000 new housing units over the next 10 years along with 37,200 units in the first five years, with a total investment of €4.3bn.
The financing from EIB has been provided under the European Fund for Strategic Investments (EFSI).
EIB said that the project will support to create a balanced local residential market, with enough number of houses for people to meet the current needs of middle-income households.
Additionally, the project is also expected to make a significant contribution to urban renewal, cohesion and improving living standards for middle-income households.
Through the project, approximately 6,000 residents of Île-de-France are expected to be benefited from the construction of new homes.
About 5,000 construction jobs per year are expected to be created during the implementation phase.
EIB vice-president Ambroise Fayolle said: “Since the coronavirus pandemic reached Europe the EIB has been fully mobilised with the European Commission to deploy a support plan of up to €40 billion in aid for the hardest hit SMEs.
“Nonetheless, the EIB’s long-term financing of the economy aimed at kick-starting the eventual economic recovery continues in parallel, with a focus on climate action.
“In this context, supporting the housing and construction market in Île-de-France via this loan to in’li addresses three priorities: improving the job situation, reducing the energy consumption of homes, and providing SMEs in the building sector, in particular, with enough business to facilitate their recovery.”
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EIB approves €250m loan to in’li to build of affordable housing in France. (Credit:Free-Photos from Pixabay.)
