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.
ICO and the European Commission signed a guarantee agreement in 2023 to invest in sustainable infrastructure and its industrial ecosystem across Spain, whereby ICO has already invested EUR 200 million in four specialised funds with a 50% guarantee (EUR 100 million) from InvestEU. In 2024, ICO has responded to the European Commission's new call for proposals for the programme and will sign an addendum to extend the agreement to include investments in social infrastructure under the SISW (Social Investments and Skills Window) of the InvestEU programme.
Under this new agreement, ICO will invest up to EUR 268 million, with a 50% guarantee from InvestEU (EUR 134 million), in social and affordable rental housing projects in Spain, through specialised, mostly private investment vehicles that responsibly develop and manage the projects.
This initiative will have a dual impact: social, as it is aimed at vulnerable groups with difficulties in accessing housing, and environmental, through the expansion of the stock of affordable rental housing under the energy efficiency criteria defined by the InvestEU Programme.
ICO will select the investment vehicles through an open competitive process.
OPEN CALL FOR THE SELECTION OF INVESTMENT MANAGERS AND SPECIALISED INVESTMENT VEHICLES