A project that is expected to help save around 50% of energy used to heat multi-storey buildings in Romania has bagged a loan from the EU bank.

The European Investment Bank (EIB) is providing €22.47 million (£17.8m), the first tranche of an approved loan worth €136.5 million (£108m) for an energy efficiency programme in the Romanian capital of Bucharest.

A total of 406 buildings with almost 19,000 apartments are expected to be refurbished, which are estimated to make energy savings of around 190GWh ever year.

EIB President Werner Hoyer said: “EIB funds will contribute to the implementation of the National Energy Efficiency Action Plan of Romania through the thermal rehabilitation of multi-storey buildings.

“At the same time, the EIB loan will help Romania to meet its commitments under the EU Directive on the energy performance of buildings.”