The European Investment Bank (EIB) is lending EUR 27 million to finance the energy efficiency refurbishments of residential buildings in Romania’s capital, Bucharest.The EIB loan will contribute to the financing of thermal rehabilitation of 94 high-rise panel residential buildings in Sector 4 of the city of Bucharest over the period from 2012 until 2013. This will help to reduce the energy consumption of the buildings concerned by some 50% and the total energy saved will amount to around 40 GWh per year. This represents part of the overall programme undertaken by the Municipality of Sector 4 Bucharest to refurbish 320 blocks of flats. Mihai Tanasescu, EIB Vice-President, stated: “EIB funds will help to reduce energy consumption in Bucharest, enhance people’s quality of life by upgrading the city’s buildings and improving the environment, and contribute to meeting Romania’s commitments to combating climate change.” This is the third EIB loan provided directly to a Sector Municipality in Bucharest for energy efficiency projects. In the past two years, the Bank has signed similar finance contracts with the Municipalities of Sector 6 and Sector 1 Bucharest, totalling EUR 195 million.