BSTDB is providing EUR 7 million to Garanti Consumer Finance to finance energy efficiency projects in Romania

The Black Sea Trade and Development Bank (BSTDB) is providing a EUR 7 million revolving facility to Garanti Consumer Finance, a Romanian non-banking financial institution, to finance energy efficiency, renewable energy and water-saving solutions in the Romanian residential housing sector.

The BSTDB’s first facility of the kind is expected to help improve energy efficiency in about 700 households of low energy class in Romania.

“Improving energy efficiency is a key element of a modern energy policy. We are happy to partner with Garanti Consumer Finance to help cut the CO2 emissions, improve energy performance and quality of life of Romanian households and contribute to national energy and environmental goals. Savings in energy consumption and reduced losses will greatly benefit the Romanian economy and consumers, ” said Dmitry Pankin, BSTDB President.

BSTDB’s current portfolio in Romania includes 14 signed operations for the total amount of over EUR 216 million supporting SMEs, manufacturing, agribusiness, and other key sectors of the economy.

”Energy efficiency reduces energy costs and leads to financial savings for customers. It is our mission to support and stand by our clients, while creating added value to their lives. We are therefore proud to partner with BSTDB in this important endeavor. Garanti Consumer Finance, as all Garanti institutions, is a supporter of ambitious projects. We have a strong commitment here and signing this agreement further confirms our long-term strategy”, stated Bogdan Dobre, general manager, Garanti Consumer Finance.

Garanti Consumer Finance has granted funding of EUR 37.2 million in the first half of the year.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece.

BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the bank is EUR 3.45 billion.