The European Investment Bank (EIB) will be financing a social housing project in Luqa, following the signing of an agreement with Malta Investments on Friday.  

The €22 million loan will finance the construction of 267 apartments in Luqa’s Ħal-Farruġ area.  

Works are already under way. 

“This agreement marks another significant stride in our aim to provide families in need with housing that is not only social and affordable but of the highest quality,” housing minister Roderick Galdes said.  

Housing minister Roderick Galdes, Malta Investments chair Marlene Mizzi (right) and EIB vice president Gelsomina Vigliotti (left) signing the agreement on Friday. Photo: Matthew Mirabelli

“In recent years, the government’s social commitment has been to ensure that everyone has a decent home - a pledge that this year is being manifested in unprecedented investment, a record number of schemes for various beneficiaries and a record number of social housing projects,” Galdes said.

Marlene Mizzi, chairperson of Malta Investments (MI), the government-owned company that is building the apartment blocks, said this is not the first time that MI has cooperated with the EIB.

In 2012, they approved a €40 million loan for the building of Parliament and the open-air theatre in Valletta, and in 2017 a loan of €25 million for social housing. 

Mizzi said the new blocks will be energy efficient and have high environmental credentials. 

The project is expected to be completed in 2026, but the first of three blocks will be ready next year.  

Signing on behalf of EIB was the European institution’s vice president, Gelsomina Vigliotti