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EIB and Bankia launch first European EUR 300m credit line for green mortgages

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Christian Fernsby ▼ | July 13, 2019
EIB Vice-President Emma Navarro
European businesses   EIB Vice-President Emma Navarro

The European Investment Bank (EIB) and Bankia are set to facilitate access to energy-efficient and low-emission homes in Spain.

To this end, the EU bank has provided Bankia with a EUR 150m loan, which the Spanish institution will match with a EUR 150m contribution of its own.

This means that the new EIB-financed green mortgage credit line will have access to a EUR 300m fund.

The agreement was signed by EIB Vice-President Emma Navarro and Bankia Executive Chairman José Ignacio Goirigolzarri.

The EIB is supporting this pioneering operation with the goal of promoting the purchase of near zero energy homes in Spain.

Those using the Bankia green mortgages will benefit from the favourable conditions of the EIB financing in terms of both interest rates and maturity periods, potentially leading to a reduction of 25 basis points.

To this end, the new homes being purchased must meet environmental sustainability requirements above and beyond current new housing market standards.

To be eligible, the development must have, among other things, adequate thermal and sound insulation and ventilation systems to guarantee the lowest possible energy use while also making the homes more liveable and providing an increased level of comfort.

Only newly built housing may benefit from this type of credit.


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