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Dec 20, 2017 18:08 EEST
December 20 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is lending 206 million lei ($53 million/45 million euro) to Romania's UniCredit Bank and UniCredit Consumer Finance IFN for energy efficiency investments.
The funds will be on-lent to households seeking to invest in energy efficiency improvements such as heating, water and electricity, as well as additional building enclosures such as walls, windows and roofs for their homes, the EBRD said in a press release.
"We are pleased to join forces with UniCredit and are confident that we can leverage our partner’s extensive branch network and expertise in energy efficiency financing to reach households throughout Romania," EBRD regional director for Romania and Bulgaria, Matteo Patrone, said.
The transaction is part of EBRD's strategy to scale up financing for energy efficiency investments in Romania and other countries where the bank invests, EBRD director for EU banks, Lucyna Stanczak-Wuczynska, added.
Technical assistance is provided through grants by the Global Environment Facility and the EBRD Shareholder Special Fund.
TaiwanICDF - International Cooperation and Development Fund will contribute up to 29 million lei as concessional financing.
"The loan we access as part of this new agreement will allow us to increase our role in supporting the development of a green economy in Romania," UniCredit Bank retail division head Septimiu Postelnicu said.
This is the second loan under the new EBRD Green Economy Financing Facility (GEFF). Launched earlier in 2017 with a total volume of up to 100 million euro ($118.4 million), it is designed to help Romanian households invest in energy efficiency measures and renewable energy. Loans are provided via local partner financial institutions.
In 2017, the EBRD has invested over 525 million euro in 26 projects in Romania and will reach almost 8 billion euro in cumulative investments in the country by the end of the year.
UniCredit Bank SA, a subsidiary of Italy's UniCredit SpA, was established in Romania in 2007. UniCredit Consumer Financing IFN was founded in 2008 as part of UniCredit Group in Romania and operates as a non-banking financial institution.
($ = 0.8436 euro)
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