BSTDB Funds Energy Efficiency Upgrade of Romanian Households

Mihai Cristea 25/05/2021 | 17:04

The Black Sea Trade and Development Bank (BSTDB) is providing a loan of up to EUR 10 million to Garanti BBVA Consumer Finance, to finance energy improvements and resource efficiency of residential buildings in Romania. The three-year facility will be on-lent to Romanian homeowners to invest in upgrades that will reduce the high energy and water consumption, install renewable energy generation, and improve their waste management.

 

The financing will contribute to Romania’s energy efficiency and national environmental goals. In addition to the positive environmental impact, the Bank’s financing will also generate incentives for the construction industry and increase employment in the country.

The new facility, building upon the successful cooperation between BSTDB and Garanti BBVA Consumer Finance, launched in 2017, will provide financing to approximately 1,500 Romanian households.

“Improving energy efficiency is one of our operational priorities in Romania. We are pleased to continue our partnership with Ralfi IFN to promote appropriate energy efficiency practices which will result in substantial cost savings for consumers and improve their comfort level and well-being. The new facility, the first of such nature after the approval of our Climate Change Strategy, represents an excellent demonstration of how the financial sector can help ESG investments and address climate change issues”, said Hasan Demirhan, BSTDB Vice President Banking.

“Climate change is one of the biggest challenges of our times and high energy consumption has an important negative impact on the environment. We want to improve energy and resource consumption in Romanian households and for that we offer new sources of financing. In addition, the improvements will also generate financial savings for our customers. We are very happy to continue this successful collaboration with BSTDB, which is starting to become a traditional one and allows us to bring our contribution to supporting our customers, while creating added value to their lives. Through such agreements, we confirm our long-term strategy and we demonstrate that we always stand by our clients.”, stated Bogdan Dobre, General Manager, Garanti BBVA Consumer Finance.

Incorporated in Romania as of 1997, Garanti BBVA Consumer Finance (the brand under which the company Ralfi IFN S.A. operates) is a non-bank financial institution that provides consumer finance, having developed a solid client portfolio and a national presence. Garanti BBVA Consumer Finance is part of the financial-group Garanti BBVA Romania, which brings together also Garanti BBVA and Garanti BBVA Leasing. Garanti BBVA Group Romania is held by Garanti BBVA Turkey (TGB), whose majority shareholder is the Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA).

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. BSTDB is rated long-term “A-” by Standard and Poor’s, “A2” by Moody’s and “A+” by the Russian credit rating agency ACRA. For information on BSTDB, visit www.bstdb.org.

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