The European Investment Bank announced on 15 October that it is providing the real estate company Vivawest with €300 million to build around 2,300 energy-efficient homes across Germany, almost a fifth of which will be for social and affordable housing. Vivawest will also use the funds to build student housing and nurseries.

The finance is backed by guarantees from the Juncker Plan’s European Fund for Strategic Investments, that provides first-loss guarantees, enabling the EIB to finance more projects, which often carry greater risks.

“Having a place to live is one of people’s basic needs. Housing should be accessible for all, and therefore it needs to be both affordable and adequate. This is also one of the key principles of the European Pillar of Social Rights”, said EU Commissioner for employment, social affairs, skills and labour mobility, Marianne Thyssen.

As of September, the Juncker Plan has mobilised €433.2 billion of additional investment, including €34 billion in Germany.