October 24, 2024

The following is a press release:

Housing and social infrastructure are among investment priorities

During a plenary debate of the Committee of the Regions with European Investment Bank (EIB) Group President Nadia Calviño, the two institutions renewed their common goal to promote convergence and economic growth across the EU’s regions, both in urban and rural areas, with a special effort to support affordable housing and social infrastructure.

Improving regions’ and cities’ access to funding and raising the quality of local investments have been key objectives of the common work carried out by the European Committee of the Regions (CoR) and the EIB Group in recent years, also thanks to a joint action plan that was renewed in this February.

Local and regional leaders welcomed the EIB Group’s stepped-up commitment to helping cities and regions succeed in their green and just transition, and their efforts to increase competitiveness. At the same time, education, healthcare facilities and housing emerged as key investment priorities for both the European Union’s Bank and municipalities.

Housing will be particularly relevant in the new EU mandate following the announcement by European Commission President Ursula von der Leyen of a European affordable housing plan. The CoR and the EIB are ready to intensify cooperation on this front.

Committee of the Regions President Vasco Alves Cordeiro said: “With a renewed agreement signed last February, the European Committee of the Regions and the European Investment Bank have strengthened their cooperation in the interest of European local communities. The many challenges the EU is facing, such as the green and digital transitions, and social infrastructure investment, require a stronger partnership and the close involvement of regions and cities. In particular, the renewed attention on housing at European level means that the joint work between the Committee of the Regions and the EIB is likely to be even more vital in years to come.”

Last year, nearly half of the EIB Group’s financing – €36 billion - in the EU went to less developed and transition regions.

“The EIB Group is committed to supporting projects that improve lives in every single region and in cities across our Union, from Valletta to Riga, ensuring that no one is left behind,” said President Nadia Calviño. “European citizens need the confidence that they can access equal opportunities wherever they live, work or study. Contributing to a modern cohesion policy alongside our local and regional partners is an EIB Group strategic priority for 2024-2027.”

Read President Calviño’s full speech here.

Contacts

Monica Tiberi – Spokesperson of the CoR President

Mobile: +32 479 51 74 43

monica.tiberi@cor.europa.eu

Vanessa Paul – EIB Media officer

Mobile: +352 621 36 85 21

v.paul@eib.org

Background information

The European Committee of the Regions is the EU's assembly of regional and local representatives from all 27 Member States. Created in 1994 following the signing of the Maastricht Treaty, its mission is to involve regional and local authorities in the EU's decision-making process and to inform them about EU policies. The European Parliament, the Council and the European Commission consult the Committee in policy areas affecting regions and cities. To sit on the European Committee of the Regions, all of its 329 members and 329 alternates must either hold an electoral mandate or be politically accountable to an elected assembly in their home regions and cities.

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.