Call for proposals ICO Social Funds Invest EU Initiative
Financial instrument to promote social and affordable rental housing projects in Spain
A very significant part of the 2021-2027 EU budget and of the Recovery Plan for Europe is the InvestEU guarantee programme, with a strong focus on sustainable infrastructure. The InvestEU Programme provides an EU budget guarantee to accredited Implementing Partner entities to increase their risk-bearing capacity and thereby help mobilise public and private investment for EU policy priorities.
The Instituto de Crédito Oficial (ICO) has served since 2020 as an Implementing Partner of the European Commission under the InvestEU Guarantee Programme. This designation recognises ICO’s capacity to channel European resources towards projects that contribute to economic and social development and enables it to manage financial instruments backed by European Union guarantees.
In the exercise of this mandate, ICO signed a first Guarantee Agreement aimed at promoting investments that increase the availability of social and affordable rental housing in Spain. These actions fall within the scope of Social Infrastructure, the framework of which is detailed in these Guidelines.
The continued need for affordable housing, together with the strategic opportunity to strengthen a solid ecosystem of entities and investment vehicles specialised in social and affordable rental housing, has led ICO to agree with the European Commission on a second Guarantee Agreement. Through this new agreement, the aim is to consolidate and expand the mobilisation of resources in the coming years, supporting projects that generate a significant social impact.
Both agreements will make it possible to channel a total investment of EUR 676 million, which may be increased up to EUR 850 million. These resources will be allocated exclusively to projects involving the development, refurbishment or acquisition of social and affordable rental housing, with the aim of contributing to a more accessible and balanced housing market.
OPEN CALL FOR THE SELECTION OF SPECIALISED INVESTMENT MANAGERS AND INVESTMENT VEHICLES
ICO will select the investment vehicles through an open and non-competitive procedure. All applications received under this call will be processed in accordance with the procedure described in these Guidelines, ensuring the principles of transparency, open participation, equal treatment and non-discrimination.