As many as 450 social housing units will be built or rehabilitated in Moldova. Also, student dormitories and retirement homes that will benefit over 1400 people will be renovated. The works will be financed by the Council of Europe Development Bank (CEB), which will provide a loan of €20 million to Moldova, IPN reports.

The members of the parliamentary commission on foreign policy and European integration accepted the advisory opinion for initiating negotiations and approving the signing of the Framework Loan Agreement between the Council of Europe Development Bank and Moldova for the Public Housing III project.

Also, the Council of Europe Development Bank will allocate a €1 million grant from the Green Social Investment Fund. The money will be used to improve energy efficiency and reduce the environmental impact of housing units that are planned for reconstruction under the Public Housing III project. The commission on foreign policy and European integration approved the advisory opinion for concluding a financing agreement that stipulates this.

The CEB will disburse the loan and investment grant of the project in tranches - the first tranche within 12 months of the entry into force of the agreement, while the others based on the progress reports on its implementation.

The project will last until 2030 and will be carried out by the Implementation Unit of the Social Housing II project.