Promoting inclusive and resilient living environments

In 2024, the CEB issued six loans in four countries valued at over €1.3 billion to address natural and ecological disasters. Moreover, 11 new loans in nine countries, with a portfolio amounting to over €814 million, targeted urban, rural and regional development, in addition to five loans in four countries totalling over €413 million dedicated to social and affordable housing. These initiatives were complemented by three loans in as many countries totalling over €106 million in favour of environmental protection. Examples of the CEB’s loans for public transportation networks in Marseille, France and affordable, energy-efficient, housing in Catalonia, Spain, are detailed below.

Sustainable mobility in Marseille

The greater Marseille region (Métropole Aix-Marseille-Provence, AMP) is one of the most traffic-congested metropolitan areas in Europe. Regional and geographic disparities as well as uneven development mean that jobs are highly concentrated in certain areas which are often poorly connected to where workers live. Inadequate public transportation networks have led to an overreliance on private vehicles, with less than 10% of daily journeys made by public transportation. As a result, air pollution is a regular problem.

The CEB will continue to support the modernisation of Marseille’s metro system under the Nouveau Métro de Marseille (New Metro of Marseille, NEOMMA) programme with a loan of €150 million. The financing will help ensure the development of a reliable and accessible public transport system, which is crucial to enhance the economic attractiveness, improving access for residents to key services and enhancing the connectivity of currently underserved neighbourhoods. The project will support equitable and accessible transport options that will help reduce social disparities and territorial inequalities in the metropolis, while meeting the needs of Marseille’s growing population, socioeconomic development and sustainability. This second loan to Métropole AMP brings the CEB’s total lending to the NEOMMA project to €200 million.

Towards affordable housing in Catalonia

Spain suffers from a shortage of social housing, particularly in urban areas where demand is highest. Catalonia is the second most populous region in Spain, representing 16% of its total population. Yet only 1.5% of total Catalonian housing stock is social. In 2024, the Catalan government approved the Territorial Housing Plan of Catalonia, which aims to make 7% of total primary residences social by 2042.

The CEB’s €31 million loan, backed by the InvestEU guarantee programme, to Sostre Cívic, Catalonia’s largest housing cooperative, will finance the construction of more than 350 cooperative housing units. Built on publicly owned land, the units will increase affordable housing availability and support residents of Catalonia who cannot afford to buy or rent at market prices. Sostre Cívic will provide these cooperative housing units under a unique model called cessio d’ús (right of use), an alternative to traditional home ownership and renting. The model requires an initial contribution and the payment of monthly instalments by cooperative members based on the costs of acquisition, maintenance and operation of the cooperative housing project, rather than real estate market values.