A envelope from the EIB allocated to the Caisses d’Epargne

On September 11, 2009, Laurent de Mautort, Director at the European Investment Bank (EIB) responsible for financing operations in Western Europe, and Alain Lemaire, Chief Executive Officer of BPCE responsible for the Caisses d’Epargne network, signed a memorandum of understanding whereby the Caisses d’Epargne will be allocated a €125m loan envelope in favor of social housing. This agreement forms part of the France Logement Social program launched in 2007 for which the EIB has decided to set aside an overall funding envelope worth €500 million. At this date, €125 million has already been made available to the Caisses d’Epargne out of an initial tranche of €250m.

This new agreement for a €125m funding envelope has been concluded by BPCE on behalf of the Caisses d’Epargne. The criteria determining the eligibility of social housing bodies for this funding have been expanded. As a result, the social housing bodies will be able to finance investments above and beyond the construction and renovation of social housing units. The profile of this supplementary financing will be tailored to the characteristics of the operations in question, and the financial terms and conditions will be particularly favorable.

The extension of the overall program makes it possible to support public policies at the heart of the French government’s economic stimulus plan aimed at developing the stock of rental housing assets and to satisfy the financing needs of the social housing bodies. This memorandum of understanding confirms the determination of the EIB and of the Caisses d’Epargne to support the development of long-term investment in towns and cities, in the housing sector and in the urban environment and to promote social cohesion.
has already been made available to the Caisses d’Epargne out of an initial tranche of €250m.