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The European Investment Advisory Hub, funded by the European Commission and the European Investment Bank (EIB), will advise the Municipality of Madrid on the implementation of innovative financing and procurement methodologies

aimed at improving the effectiveness of services for vulnerable people residing in temporary accommodation. The agreement, the first of this kind within the context of the Advisory Platform for Social Outcomes Contracting, was signed today in Madrid by EIB Vice-President Emma Navarro and Deputy Mayor of Madrid Begoña Villacís.

Through this agreement, EIB experts will provide the Municipality of Madrid with a comprehensive feasibility study on the launch of a social impact bond, an innovative financing solution aimed at enabling vulnerable groups residing in temporary accommodation to become independent and leave these facilities faster. This would allow a greater number of vulnerable people to access such accommodation. The procurement of service providers would be carried out through social outcomes contracting methodologies, where the Municipality is only required to pay for the services if the objectives are achieved, hence delivering real impact on the ground through innovative financing instruments.

This contracting and financing methodology ensures transparency and better control over the results, as it is necessary to establish a system of metrics upfront, to measure the extent to which the objectives have been achieved. This will ensure that public policies are effective and efficient, as the administration will only pursue projects that have demonstrated their ability to produce results within the agreed budget.

The agreement has been signed in the context of the Investment Plan for Europe, which enables the EU bank to support projects that present particular value added owing to their nature or structure.

The support will be provided under the Advisory Platform for Social Outcomes Contracting created in early 2020 and funded by the Advisory Hub. The platform aims to support the development and use of social outcomes contracting methodologies (supported, for example, by social impact bonds and other innovative financing options) as a strategic and operational tool to address social inclusion issues and thus contribute to improving people’s welfare across the EU.

The European Investment Advisory Hub is a partnership between the European Investment Bank Group and the European Commission under the Investment Plan for Europe. The Advisory Hub is designed to act as a single access point to various types of advisory and technical assistance services. It supports the identification, preparation and development of investment projects across the EU. Its advisers work directly with project promoters to prepare a tailor-made advisory package to support investment projects.