May 25 (SeeNews) - The Black Sea Trade and Development Bank (BSTDB) said on Tuesday it is providing a loan of up to 10 million euro ($12.25 million) to Garanti BBVA Consumer Finance, part of Garanti BBVA Romania, to finance energy improvements and resource efficiency of residential buildings in Romania.
The three-year loan will be on-lent to Romanian homeowners to invest in upgrades that will reduce the high energy and water consumption, install renewable energy generation, and improve their waste management, the BSTDB said in a press release.
The financing will contribute to Romania’s energy efficiency and national environmental goals. In addition to the positive environmental impact, the bank’s financing will also generate incentives for the construction industry and increase employment in the country.
"The new facility, the first of such nature after the approval of our Climate Change Strategy, represents an excellent demonstration of how the financial sector can help ESG investments and address climate change issues," BSTDB Vice President Banking Hasan Demirhan said.
Incorporated in Romania as of 1997, Garanti BBVA Consumer Finance is part of Garanti BBVA Romania financial group held by Garanti BBVA Turkey majority owned by Spanish financial group Banco Bilbao Vizcaya Argentaria.
Earlier this month, Garanti BBVA Leasing, also part of Garanti BBVA Romania, signed a 20 million euro loan agreement with the BSTDB to provide financial leases to small and medium-sized enterprises.
($ = 0.8161 euro)
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