EBRD and Banca Transilvania finance and support energy efficiency in residential buildings

Banca Transilvania received a financing of 40 million euros from the European Bank for Reconstruction and Development (EBRD) for loans for households, owners' associations and service providers, for investments that contribute to the reduction of energy consumption.

Banca Transilvania is the first bank in Romania to provide loans from EBRD funds for energy efficiency in the residential sector.

Details:

• The loan is part of the Green Economy Financing Facility (GEFF) in Romania, a program with a value of approximately 100 million euros, designed to finance investments in the green economy in Romania.
• Geff will initially comprise 50 million euros of funds made available by the EBRD, while the International Fund for Cooperation and Development (TaiwanICDF), which is the fund responsible for the external development programs of Taipei China has so far contributed $20 million.
• The facility is the first co-financing proposed by the EBRD in collaboration with TaiwanICDF in Romania and is part of the bank's efforts to attract new institutional investors to the country.
• The program is also complemented by non-reimbursable financing provided by donors, such as the Global Environment Facility (GEF) and the EBRD's Special Shareholder Fund to provide advice and technical assistance to banks and final beneficiaries.
• Romania is one of the countries with the highest energy consumption in Europe. The residential sector represents 36% of the country's total energy consumption, the highest of all sectors, while the EU average is 24%.

Statements:

Matteo Patrone, EBRD Regional Director for Romania and Bulgaria:  "Most residential buildings in Romania were built between 1960 and 1990, with low thermal insulation. Improving energy efficiency is a priority, but access to finance for such investments remains limited. We are happy to offer a new financial product that addresses this issue and we are delighted to sign the first project with Banca Transilvania."

Lucyna Stanczak-Wuczynska, EBRD Director for EU Financial Institutions: "The EBRD is delighted to unite its forces with its long-term partner, Banca Transilvania, for a pioneering financing in energy efficiency in the residential sector in Romania. We are committed to demonstrating that this area has a high business potential and we look forward to as many partners as possible to join the effort."

Ambassador Weber V.B. Shih, Secretary General of TaiwanICDF:"We hope that this collaboration between TaiwanICDF and the EBRD for the GEFF program in Romania, which focuses on energy efficiency in the residential sector, will lead to an increase in green investments, stimulating the use of the best green technologies in Romania. This will also bring a positive and sustainable impact to the environment. TaiwanICDF's vision is to partner for progress and we will continue to work with our partners towards sustainable development."

Ömer Tetik, General Manager of Banca Transilvania: "It is the third line of financing of the EBRD received by our bank to support investments in energy efficiency projects. Of these, the first two were dedicated to small and medium-sized enterprises, and the one now, for the first time, is for individual customers. These partnerships bring benefits to people, the environment and the economy, and for Banca Transilvania it is a new opportunity to support the entrepreneurial spirit and the healthy and sustainable growth of the Romanian economy."

About BT, EBRD and TaiwanICDF:

• Banca Transilvania is the second largest bank by total assets in Romania, and the EBRD has been its shareholder since 2001.
• The EBRD is the largest institutional investor in the country. The bank has so far invested over 7.5 billion euros through almost 400 projects.
• TaiwanICDF is dedicated to promoting socio-economic development, increasing human resources and promoting economic relations in a number of developing partner countries. The fund is based in Taipei and is active all over the world.