The European Investment Bank, the EU bank, has provided a EUR 22.47 million loan to the Sector 1 municipality in Bucharest to finance the second phase of the refurbishment program for multi-family housing.
This was the first tranche of a EUR 136.5 million loan, which will cover 75 percent of the energy efficiency project for residential buildings carried out by the municipality. The EIB has also financed in 2011 the first part of this program.
“In total, 406 buildings with almost 19 thousand apartments will be refurbished in this second phase. Work began in 2013 and will be completed by 2017. The program is designed to achieve energy savings totaling some 190 GWh per year once fully implemented,” said the EIB in a statement.
The EIB has provided to date EUR 282 million financing to similar projects carried out in Bucharest’s Sectors 1,2,4 and 6. The projects had a total cost of EUR 423 million.
Ovidiu Posirca