It is the first tranche of an approved EIB loan for a total amount of €42m.

The project is anticipated to result in about 50% savings in the heating energy consumption of the concerned buildings.

EIB funds will finance around 75% of the project’s energy saving costs and will help to implement both the Romanian Government’s National Energy Efficiency Action Plan and the EU Resource Efficiency Initiative.

The bank’s loan will allow the Municipality of Sector 4 to continue its priority investment programme as the project follows on from phase one of the energy efficiency programme for residential buildings

It was carried out by the Municipality of Sector 4 of Bucharest and financed by the EIB in 2012.

The second phase, will be carried out between 2014 and 2016, includes the refurbishment of 140 buildings featuring 9,500 apartments.

The programme targets energy savings totalling about 74 GWh per year once fully implemented. The project is expected to cost €60m.

Including the current loan, the EIB has provided €327m to finance the energy efficiency refurbishment of multi-apartment buildings in Bucharest’s Sectors 1, 2, 4 and 6.