The European Investment Bank (EIB) is lending EUR 15.3m – the first tranche of an approved EIB loan for a total amount of EUR 40m – to finance the second phase of the refurbishment programme covering multi-family housing in the municipality of Sector 6. The project, which renews the successful 2010 cooperation between Sector 6 and the Bank, is expected to result in savings of around 50% of the heating energy consumption of the buildings concerned.

This project will help to implement Romania’s National Energy Efficiency Action Plan targeting the thermal rehabilitation of multi-storey buildings. The EIB loan will help Romania to meet its commitments under the EU Energy Performance in Buildings Directive. It will contribute to improving the environment through a reduction in emissions and pollution, benefiting the living standards of Bucharest’s citizens.

The expected project cost amounts to EUR 54.5m. In order to support this important energy efficiency project in Bucharest, the Bank’s contribution has been raised to 75% of the project’s cost, in line with guidelines for the acceleration of investments aimed at reducing energy consumption and mitigating climate change. The municipality’s own sources are expected to cover the remaining 25% of the costs.

The current project is a continuation of the EIB’s fruitful cooperation with various Sectors of Bucharest. To date, the Bank has provided funding amounting to EUR 460m to finance the energy efficiency refurbishment of multi-apartment buildings in various Sectors of Bucharest.