The government endorsed the plan today after being notified by the Council of Europe Development Bank in September that it had been asked by the Housing Fund for a loan of up to EUR 50m.

The loan will be intended for the construction of 800 apartments for people who can afford renting an apartment under the market conditions.

Advantage will be given to vulnerable groups, such as young families, older persons and people aged up to 29, the Government Communication Office said.

In addition to apartment buildings and parking lots, the Housing Fund will also be able to finance with the loan the construction of utility infrastructure and access roads.