European bank sanctions EUR27m loan to improve energy efficiency in Bucharest, Romania

The European Investment Bank is providing a €27m loan to finance the energy efficiency refurbishments of residential buildings in Bucharest, Romania.

Bucharest's Sector 4 will directly receive funding from the bank to be employed for the thermal rehabilitation of 94 high-rise panel residential buildings in the region, during 2012-2013

The initiative is expected to reduce the energy consumption of the buildings by approximately 50% and the total energy saved is expected to be about 40GWh annually.

Commenting on the loan European Investment Bank vice-president Mihai Tanasescu remarked that EIB funds will contribute to reduce the energy consumption in the city of Bucharest while improving the quality of resident's life.

The loan will also help enhance the country's environmental standards and meet it's commitments to combating climate change.

EIB had earlier signed similar loan agreements with the Municipalities of Sector 6 and Sector 1 in Bucharest totaling €195m over the past two years.