Spain: ICF, EIB and CEB join forces to mobilise up to €400 million investment in social infrastructure in Catalonia

This article is published in association with European Investment Bank.

• Institut Català de Finances (ICF) has signed a €100 million loan with the European Investment Bank (EIB) and a €50 million loan with the Council of Europe Development Bank (CEB).
• The loans will support projects to develop care homes, day centres and assisted living facilities for the elderly, people with disabilities and other vulnerable groups in the region.
• These agreements will allow ICF to finance non-profit social organisations, foundations, local administrations, public and private companies, unlocking up to €400 million in investment for social infrastructure projects.
• The EIB loan is backed by InvestEU, an EU flagship programme to mobilise public and private sector investment to support EU policy goals.

ICF, the public development bank of the Government of Catalonia, has signed a €100 million loan with the EIB to promote the construction and rehabilitation of social infrastructures in Catalonia, Spain. This is the first tranche of a loan approved for a total value of €150 million. ICF has also signed a €50 million loan with the CEB with the same aim. These agreements will allow ICF to finance non-profit social organisations, foundations, local administrations, public and private companies, unlocking up to €400 million investment for social infrastructure projects in the region.

The loans will support the construction, refurbishment and improvement of care homes, day centres and assisted living facilities supporting the elderly, people with disabilities and other vulnerable groups across Catalonia. The financing provided by the three financial institutions is expected to support the creation of approximately 7.500 new residential care places in Catalonia. All funded projects must meet European sustainable building standards, specifically nearly-zero energy building (NZEB) requirements.

María Serrano, EIB’s Head of Division Public Sector in Spain, remarked, “The EIB continues to strengthen its commitment to social infrastructure to meet the most pressing needs of Europe’s people. This financing agreement with the ICF will help to strengthen and expand the range of care facilities for elderly and dependent individuals in line with the highest standards of quality and sustainability, for the benefit of all”.

As emphasised by Maria Sigüenza, the CEB’s Country Manager for Spain, “We are pleased to expand our ongoing partnership with ICF. This new loan reflects the CEB’s strong commitment to social inclusion and the reduction of inequality in Spain. Moreover, it exemplifies the importance of cooperation and joint action among multilateral development banks, such as the CEB and EIB, in building stronger communities and delivering high-impact social projects.”

Vanessa Servera, CEO of the ICF, described the agreement as “a new success story in public-private cooperation,” emphasising that “the EIB and the CEB are providing the financial resources, we are taking on the management and financial risk, and it will be public entities and other actors that will launch the projects and investments the Catalan social services network needs to meet today’s and tomorrow’s challenges.”

The agreement with ICF contributes to the EIB Group’s strategic priority of reinforcing Europe’s social infrastructure. This is one of the Group’s eight priorities set out in its Strategic Roadmap for the years 2024-2027.

The EIB loan is guaranteed by InvestEU, the flagship EU programme to mobilise over €372 billion of additional public and private sector investment to support EU policy goals from 2021 to 2027.

As the social development bank for Europe, investing in social infrastructure is the CEB’s main mission, as emphasised by its Strategic Framework 2023-2027. By signing the agreement with ICF, the CEB continues to respond flexibly to evolving social development and inclusion challenges in Spain.

Background information

ICF

ICF has been the public promotional bank in Catalonia for 40 years, and in that period it has financed 37,000 clients for a total of €16 billion. Its main mission is to promote the financing of companies and entities in order to contribute to the growth, innovation and sustainability of the Catalan economy. ICF acts as a complement to the private sector, offering a wide range of financing solutions focused on loans, guarantees and investment in venture capital. Since 2014 it has been a member of the European Association of Public Banks (EAPB), which brings together a large number of the public promotional banks and financial entities operating in Europe.

EIB

The ElB is the long-term lending institution of the European Union, owned by the Member States. Built around eight core priorities, it finances investments that pursue EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

The EIB Group, which also includes the European Investment Fund, signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in the group’s Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects that contribute directly to climate change mitigation and adaptation, and a healthier environment.

In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for inhabitants.

High-quality, up-to-date photos of our headquarters for media use are available here.

InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects, leveraging on the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and mobilising at least €372 billion in additional investment.

CEB

The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.

Trending now: