EIB and Latvian Government Unite to Boost Affordable Housing Development Amidst Growing Shortage
(IN BRIEF) The European Investment Bank (EIB) is partnering with the Latvian government and the Latvian State Real Estate Company (SRE) to promote the development of affordable rental housing in Latvia. This initiative will be supported by the EIB’s Advisory Services, which will help create a strategic framework for financing and project development. Latvia faces a significant shortage of affordable housing, with less than 2% of its total housing stock designated as social housing. The project aims to construct up to 2,260 affordable apartments by 2030, targeting essential workers in various sectors. EIB Vice-President Thomas Östros and Latvian Minister of Finance Arvils Ašeradens emphasized the importance of this collaboration in addressing the investment gap in affordable housing and enhancing the country’s housing market. The EIB has lent approximately €9.4 billion to social housing projects in the past five years.
(PRESS RELEASE) LUXEMBOURG, 3-Oct-2024 — /EuropaWire/ — In a significant step towards addressing the housing shortage in Latvia, the European Investment Bank (EIB) is collaborating with the Latvian Ministry of Finance and the Latvian State Real Estate Company (SRE) to promote the development of affordable rental housing. The EIB’s Advisory Services will play a crucial role in guiding the Latvian government in creating a strategic framework that encompasses financing, procurement, and the development of pilot projects eligible for EIB funding. This initiative is supported by the InvestEU Advisory Hub.
Latvia is grappling with a pressing shortage of affordable and sustainable housing, having one of the smallest social housing stocks among OECD countries—less than 2% of its total housing stock, compared to around 7% on average in other OECD nations. Challenges within the Latvian housing policy landscape include inadequate quality, overcrowding, low market activity, and restricted mortgage access for certain residents, as highlighted in a recent study conducted across various municipalities in the country.
EIB Vice-President Thomas Östros expressed optimism about the partnership, stating, “We are excited to work with Latvia to introduce a pioneering approach aimed at accelerating the development of affordable housing. There exists a substantial investment gap in both affordable and social housing across Europe, as well as an urgent need to renovate existing properties. The EIB is fully committed to addressing this investment gap, which is one of our eight strategic priorities.”
In a complementary initiative, several Latvian municipalities signed collaboration agreements with the SRE in Riga to create affordable, energy-efficient housing tailored for young professionals and their families in essential sectors, such as education, healthcare, law enforcement, and military services. The initial phase of this project, backed by EIB advisory support, aims to construct up to 2,260 apartments, with a minimum target of 1,000 units spread across cities including Daugavpils, Jelgava, Jēkabpils, Liepāja, Rēzekne, Valmiera, Kuldīga, Ķekava, Olaine, Alūksne, Cēsis, Sigulda, and Riga by 2030.
Latvian Minister of Finance Arvils Ašeradens emphasized the importance of public-private partnerships for enhancing Latvia’s investment landscape, stating, “The EIB Group is a strategic partner that plays a vital role in both public and private investments within Latvia. This marks the first large-scale consultancy agreement with the EIB in our country, which will enable international institutional investors to fund the construction of affordable rental housing.”
Minister Ašeradens also noted, “I greatly appreciate the EIB’s commitment and contributions to our housing program. I believe that collaboration with the bank’s qualified experts will provide the public sector with new skills for successful project implementation in the future. I look forward to ongoing cooperation to support municipalities and the state during the decision-making process next summer, enabling us to progress in selecting a private partner.”
The EIB has prioritized social and affordable housing, establishing a Housing Task Force to address housing challenges across Europe and engaging a wide array of stakeholders from policy to implementation. In collaboration with the European Commission, the EIB is also developing a new Housing Investment Platform that integrates advisory and financing services, creating a “one-stop-shop” for affordable housing solutions. Over the past five years, the EIB has lent approximately €9.4 billion to social and affordable housing projects, averaging over €1.3 billion annually.
Background information
About the EIB and EIB Advisory Services
The European Investment Bank is the long-term lending institution of the European Union (EU). It finances sound investment contributing to EU policy goals.
The EIB offers a large range of advisory services that embrace all stages of the project cycle to make investment projects happen within and beyond the European Union. Advisory activities constitute the third pillar of the lending, blending and advising strategy pursued by the EIB Group. Through its advisory function, the EIB Group supports the European Commission, EU countries and public authorities, private companies and financial partners in pursuit of overarching EU goals – to accelerate the green and digital transition and to tackle social and economic inequalities on the continent.
EIB Advisory has a proven track record in Latvia, having provided support for the Ķekava Bypass public-private partnership, which was successfully financed by the EIB. This landmark project not only benefited Latvia but also served as a model for implementation in the wider Baltic region.
About 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 brings together under one roof the multitude of EU financial instruments currently 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 Advisory Hub, through advisory support offered to project developers, improves the quality of investment projects and their alignment with the EU long term policy goals.
Media Contact:
Kristiina Randmaa
[email protected]
+352 4379 – 72894
Press Office
[email protected]
+352 43791
SOURCE: European Investment Bank
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