The ICF Equipaments Socials loan program, promoted by the ICF and the Department of Social Rights and Inclusion, will finance the acquisition, construction, rehabilitation, or adaptation of facilities to comply with regulations, such as residences, day centres, and assisted housing for the elderly and other vulnerable groups.
The Catalan Institute of Finance (ICF) and the Department of Social Rights and Inclusion (Departament de Drets Socials i Inclusió) open a loan programme to finance projects for the acquisition, construction, rehabilitation, or adaptation of facilities for the provision of social services across Catalonia, such as residences, day centres, and assisted housing.
The goal of this new instrument, which was presented today at a press conference by the Councillors for Economy and Finance and Social Rights and Inclusion, is to ensure the best care for the elderly and other vulnerable groups, such as people with dependency, disabilities, children, youth, and migrant populations.
The Councillor for Economy and Finance, Alícia Romero, framed the ICF Equipaments Socials line within the government's desire for the ICF to be a “lever for transforming the policies that the government promotes to generate prosperity, more social cohesion, and more equal opportunities.” She reminded that “ICF is the public promotion bank of Catalonia,” which must help small and medium-sized businesses in the country grow in size and “make them stronger and more competitive,” and she assured that this line will primarily serve to “boost more and better social facilities,” she concluded.
For her part, Councillor Martínez Bravo highlighted the desire to “be a country that cares.” In this sense, she emphasized that “we are putting public resources at the service of collective welfare and helping entities and administrations to reach further,” and added that this initiative “will facilitate the financing of projects throughout Catalonia to create, expand, or improve social facilities.”
Loan characteristics
The recipients of the loans from the new line, named ICF Equipaments Socials, are non-profit entities, foundations, local administrations, and public and private companies that provide specialized social services. With a total of €50 million, provided by the ICF, this product also benefits from a 2% reduction in the interest rate of the loans, funded by the Department of Social Rights and Inclusion through the creation of a specific social fund of €15 million.
The loan amounts will range from a minimum of €50,000 to a maximum of €5,000,000, with an interest rate of EURIBOR for 12 months plus a differential between 1.5% and 3%, depending on the characteristics of the project and the borrower. A fixed-rate quote equivalent can also be requested. The line will be operational after the summer.
The objective: create 6,000 new places and improve the quality of centres
This new financing line responds to the urgent need to expand and modernize Catalonia's network of social facilities to adapt it to new social challenges and ensure dignified, accessible, and quality care. The credit will facilitate the creation of new places and the improvement of existing services, and will allow the implementation of projects throughout the territory.
Moreover, this financial tool will also facilitate the execution of necessary investments to renovate and adapt facilities to current regulations, both regarding accessibility and obtaining or maintaining accreditation as providers for the public social services network. It will also ensure the continuity of projects already initiated with European funds, guaranteeing their viability.
With this action, the Department of Social Rights and Inclusion reaffirms its commitment made this legislature to create 6,000 new residential places and day centre places for the elderly, people with disabilities, or individuals with mental health issues, and to improve the quality and functionality of existing social facilities, within the framework of a more robust and equitable public network, adapted to all stages of life.
€200 million for social infrastructure
The €50 million that the ICF contributes to this line come from two loans recently signed by the public promotion bank with the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB), for a total of €200 million for the same purpose, which will also be made available to the social sector. The EIB loan is supported by InvestEU, the EU program designed to mobilize investments from both public and private sectors in support of sustainability goals, research, innovation, digitalization, financing for SMEs, and social investments.