LUXEMBOURG, October 07, 2014 - The European Investment Bank (EIB) is lending EUR 22.47 million - the first tranche of an approved EIB loan for a total amount of EUR 42 million - to finance the second phase of the refurbishment programme for multi-family housing in the municipality of Sector4 inBucharest. This project is expected to result in around 50% savings in the heating energy consumption of the buildings concerned.

EIB funds will finance up to 75% of the costs of this significant energy saving project, contributing to increasing the quality of life of Bucharest’s citizens. In addition, it will help to implement both the Romanian Government’s National Energy Efficiency Action Plan and the EU Resource Efficiency Initiative.

The EIB loan will enable the Municipality of Sector 4 to continue its priority investment programme as the project follows on from the first phase of the energy efficiency programme for residential buildings undertaken by the Municipality of Sector 4 of Bucharest and financed by the EIB in 2012. In total 140 buildings comprising 9,500 apartments will be refurbished in this second phase. This investment will be carried out between 2014 and 2016. The programme targets energy savings totalling some 74 GWh per year once fully implemented.

The expected project costs amount to EUR 60 million. In order to support this priority energy efficiency project in Bucharest, the EU bank’s contribution has been raised to 75% of the project’s cost, in line with guidelines for investments aimed at reducing energy consumption and mitigating climate change.

This project represents a continuation of the EIB’s successful cooperation with various sectors in Bucharest. Including the current loan, the EIB has provided a total of EUR 327 million to finance the energy efficiency refurbishment of multi-apartment buildings in Bucharest’s Sectors 1, 2, 4 and 6.

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European Investment Bank/Luxembourg

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