The EIB will finance a €200M social housing pilot program in Ukraine for.

The European Investment Bank will provide a loan to launch a social housing program in Ukraine, EIB representative Oksana Remiga said. This loan will be targeted and could find support from the EC through an investment grant.

The idea of social housing consists of the construction of multi-apartment buildings, owned by municipalities. 80% of the apartments will be rented out to socially vulnerable groups at a discounted price, and the rest of the apartments and premises will be rented out at market value to ensure the building’s function.

“The EIB does not offer programs whose ultimate goal is loans for individuals for housing. Only the creation of housing in the ownership and management of municipalities. The credit program for creating social housing with a budget of €200M is a pilot for us,” said Remiga.

She admitted that this money will not be enough for Ukraine because “billions are really needed.”