Two banks are joining forces to improve the energy efficiency of Romania’s residential building stock.
A €40 million (£34.6m) loan from the European Bank for Reconstruction and Development (EBRD) to Banca Transilvania will enable households, housing associations and service providers to make a range of energy saving investments.
It comes as part of the EBRD’s newly launched Green Economy Financing Facility (GEFF) for Romania, a €100 million (£86.6m) programme to finance sustainable investments in the country.
The framework currently comprises of €50 million (£43.3m) from the EBRD’s own funds, while the TaiwanICDF has also committed US$20 million (£15.4m).
Romania’s residential sector accounts for 36% of the country’s final consumption, the highest among all sectors, while the EU average is 24%.
Matteo Patrone, EBRD Regional Director for Romania and Bulgaria, said: “Most of Romania’s residential buildings were constructed between 1960 and 1990 with low thermal insulation.
“While energy efficiency improvements are urgently needed, access to finance for such investments remains limited. We are happy to offer a new financing product that addresses this issue and very pleased to sign the first project with Banca Transilvania.”
Romania recently became a full member of the Nuclear Energy Agency (NEA).