16:31 EIB lends 21.1 million euro for thermal insulation of 400 residential buildings in Bucharest

The European Investment Bank (EIB) announced on Monday that is has agreed to lend 21.1 million euro to support the thermal insulation of 400 residential buildings in Sector 2 of Bucharest, a release of the international financial institution informed.

So far, the EIB approved a total funding worth approximately 613 million euro in order to increase the energy efficiency of 2,405 residential buildings in various districts of Bucharest.

"EIB funds will help to increase the energy efficiency of 400 residential buildings in Bucharest's Sector 2. The resulting decrease of energy consumption, and thus a reduction in emissions and pollution, will also contribute to raising the living standards of Bucharest's citizens. This climate action focused programme will further support Romania in meeting its international commitments regarding greenhouse emission reductions and energy savings,' EIB Vice-President Andrew McDowell stated.

In his turn, Mayor of Sector 2 Mihai Mugur Toader underscored that the loan signed on Monday enable the continuation of the largest thermal rehabilitation programme in Romania, which involves almost 1,800 blocks that are in various stages of execution, most of them being completed. "It builds upon the fruitful seven-year cooperation between Sector 2 of Bucharest and the EU bank, in the course of which we have also benefited from EIB technical assistance," Toader stated.

The improved thermal insulation of buildings will lead to 50 percent savings in the heating energy consumption of the houses concerned.

EIB funds will finance up to 75 percent of the costs of this significant energy saving project, helping to implement both the Romanian Government's National Energy Efficiency Action Plan and the EU Resource Efficiency Initiative.

The European Investment Bank is the bank of the European Union - EU's long-term lending institution and its only bank and represents the interests of the EU member states. The EIB provides long-term finance for sound, sustainable investment investments in support of EU policy goals. The EIB works closely with other EU institutions in order to enforce the EU policy. Being the entity with the highest volume of loans and credits in the world, the EIB provides funding and expertise for solid, sustainable investments which contribute to the promotion of EU policy goals.

Over 90 percent of EIB's activity targets Europe, but the Bank also endorses the external and development policies of the European Union.