Romania’s National Housing Agency (ANL) will borrow EUR 175 million from the Council of Europe Development Bank (CEB) to build about 7,000 social homes between 2016 and 2020.

The total investment cost amounts to EUR 250 million. The difference will be paid from local budgets as well as the state budget.

The Government approved on November 3 the memorandum on the loan agreement.

The residential compounds will include almost 7,000 homes that can be rented to young individuals and families between 18 and 35, who don’t have the possibility to rent an apartment on the open market. The Development Ministry will allocate EUR 37.5 million for the project, whereas the local budgets will allocate the same amount.

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