The CEB grants ICF a loan of €100 million to finance social housing projects in Catalonia

11 July 2023

The loan will mobilise a total of €200 million in financing for building, purchasing and refurbishing social housing. The CEB loan will help grow Catalonia’s social housing model.

Barcelona/Paris - The Council of Europe Development Bank (CEB) disbursed today €50 million in favour of the Institut Català de Finances (ICF). This is the first tranche of a €100 million loan that CEB and ICF signed on 31 May to fund social housing in Catalonia. The loan’s main purpose is to help expand the stock of social housing in the autonomous community by building new or refurbishing existing flats for vulnerable people who would not otherwise have access to a home.

Importantly, the CEB loan benefits from an InvestEU guarantee and is expected to mobilise up to €200 million for developing social rental housing, which is a strategic priority for Catalonia in 2023, filling a funding gap that is not currently covered by private financial institutions. This loan is another step forward in fulfilling the ICF’s role, as a public financial institution, in providing social rental housing for vulnerable people.

Publicly-subsidised housing facilities

The CEB loan will provide long-term financing to the existing ICF social housing credit lines:

1. ICF Social Housing Acquisition, which provides financing to social entities and municipalities to acquire housing units for social rent; and

2. ICF Social Housing Construction, which provides financing to social housing promoters to build social housing units.

Media Contacts:

Silvia Zucchini, Head of Communication Division
Phone: +33 7 87 70 21 93
CEB: the social development bank in Europe | CEB (

ICF Group | +34 933 429 666

About the ICF

The ICF is Catalonia’s public development bank and as such its main mission is to foster the growth of businesses and organisations. It uses loans and equity to fund significant transformational projects with a special emphasis on the green transition, reindustrialisation and social housing. It often operates alongside commercial banking by offering long repayment terms to make it easier to pay off the debt. Since 2014 it has been a member of the European Association of Public Banks (EAPB) which brings together most of the public banks and financial institutions operating in Europe.

About the CEB

The Council of Europe Development Bank (CEB) is a multilateral development bank whose unique mission is to promote social cohesion throughout 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.

The CEB has 43 member states. It was established originally as a refugee fund in 1956 by eight of the 15 member states that made up the Council of Europe at the time. The CEB is Europe’s oldest multilateral development bank, and is legally and financially separate from the Council of Europe.

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