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EIB to lend 21.1 mln euro to improve energy efficiency of Bucharest buildings

EIB to lend 21.1 mln euro to improve energy efficiency of Bucharest buildings Bucharest S6 Energy Efficiency. EIB expands its support for improvements to energy efficiency of residential buildings in Bucharest

BUCHAREST (Romania), October 8 (SeeNews) - The European Investment Bank (EIB) said it has agreed to lend 21.1 million euro ($23.1 million) for financing the third phase of the energy efficiency investment programme of Bucharest city's Sector 2.

This is the the first tranche of an approved EIB loan of 63.6 million euro.

In total, 400 residential buildings will benefit from upgraded energy efficiency under this third phase, in addition to the 452 buildings under the first two phases, the EIB said in a press release on Monday.

"The resulting decrease of energy consumption, and thus a reduction in emissions and pollution, will also contribute to raising the living standards of Bucharest’s citizens. This climate action focused programme will further support Romania in meeting its international commitments regarding greenhouse emission reductions and energy savings," EIB Vice-President Andrew McDowell said.

The improved thermal insulation of buildings will lead to 50% savings in the heating energy consumption of the houses concerned.

EIB funds will finance up to 75% of the costs of this significant energy saving project, helping to implement both the Romanian government’s national energy efficiency action plan and the EU Resource Efficiency Initiative.

"The loan signed today will enable us to continue with the largest thermal rehabilitation programme in Romania, which involves almost 1,800 blocks that are in various stages of execution, most of them being completed. It builds upon the fruitful seven-year cooperation between Sector 2 of Bucharest and the EU bank, in the course of which we have also benefited from EIB technical assistance," the mayor of Bucharest’s Sector 2, Mihai Mugur Toader, said.

The current operations represent a continuation of the EIB’s cooperation with various sectors of Bucharest. To date, the bank has approved funding amounting to 613 million euro to finance the energy efficiency refurbishment of multi-apartment buildings in different sectors of Bucharest.

($=0.9114 euro)