Source: European Investment Bank
- The EU bank provides €200 million to SWSG
- Funds to go towards sustainable social housing
- Total investment volume of €500 million
The European Investment Bank (EIB) is the world’s largest provider of climate finance. As the bank of the European Union, it supports social housing and energy efficiency projects. The deal with SWSG (Stuttgarter Wohnungs- und Städtebaugesellschaft mbH), which is owned by the Stuttgart municipality, is the EIB’s first with a property company in the German federal state of Baden-Württemberg.
The EIB supports projects that enhance the sustainability of urban living. Integrated urban development, urban renewal and sustainable mobility are just some of the areas that the Bank focuses on. In its investments, it never loses sight of the overarching goal of ensuring they support projects that are to the benefit of everyone. The EIB and SWSG have signed a deal with an investment volume of €500 million to co-finance SWSG’s new-build and renovation projects in the rented accommodation segment until 2024.
EIB Vice President Ambroise Fayolle, who has the oversight on climate and environment as well as on the bank´s financing operations in Germany, said, “SWSG is making a major contribution to social housing while emphasising the importance of sustainability at the same time. It therefore meets not one but two of our criteria for lending support.” Samir M. Sidgi, CEO of SWSG, said, “We are delighted that the EIB is supporting SWSG’s work. As a result, we can forge ahead with our mission of providing, on behalf of the city, badly needed, affordable accommodation for the people of Stuttgart.”
With around 18 800 rental units, Stuttgarter Wohnungs- und Städtebaugesellschaft mbH (SWSG) is one of the major municipally-owned, economically sound property companies in Germany. On behalf of the federal state capital Stuttgart, it provides decent, affordable accommodation. Its purpose is to maintain and further enhance Stuttgart’s appeal as a place to live. It employs around 170 staff with a wealth of experience in managing housing stock and new-build projects, renovation and urban development. Neighbourhood development is another area that is taking on key importance for the company.