The European Investment Bank (EIB) is lending EUR 22 million to finance the second phase of the programme of refurbishment of multi-family housing in the municipality of Sector 2 that started in 2012.
In total 95 buildings will be refurbished during the period 2017 - 2018. The expected project cost amounts to EUR 29.5 million. In order to support this important energy efficiency project in Bucharest, the Bank's contribution has been raised to 75% of the project's cost, in line with guidelines for the acceleration of investments aimed at reducing energy consumption and mitigating climate change. The municipality's own resources are expected to cover the remaining 25% of the costs.
The EIB funds will help reduce the energy consumption of the buildings by around 50% and the total energy saved will amount to around 45 GWh per year once the programme is fully implemented. This will contribute to the much-needed modernization of the building stock, increase indoor living comfort, reduce CO2 emissions, improve the living standards of the people of Bucharest and encourage other future modernization and rehabilitation measures.
This operation marks the continuation of the successful cooperation of the EIB with various sectors of Bucharest. To date the EU bank has provided financing amounting to EUR 475 million to fund the energy efficiency refurbishment of multi-apartment buildings in various sectors of Bucharest.