A London-based bank is providing €15 million (£12m) of financing to help small and medium sized businesses in Romania invest in energy efficiency projects.
The European Bank for Reconstruction and Development (EBRD) previously provided a €10 million (£8m) loan, which helped 34 SMEs in the country install energy-saving technologies.
Energy savings over the lifetime of the investments are equivalent to more than a year of all household electricity use in the city of Bucharest, the EBRD said.
The nation’s Banca Transilvania will lend the new investment to Romanian SMEs for projects including small-scale renewable technologies.
Phil Bennett, EBRD Fist Vice President said: “As the economy is gradually recovering, this is a good time for Romanian SMEs to focus on how to become more competitive, cut energy consumption and reduce costs.
“We are impressed with the response to the first loan and are confident that the bank has a strong pipeline for further successful energy efficiency investments by SMEs.”