21/12/2016 (Agence Europe) – On Wednesday 21 December, the European Investment Bank (EIB) announced that it had granted an initial tranche of €15.3 million of a loan for a total of €40 million to pay for the second phase of a residential property renovation programme in Sector six of Bucharest, Romania. This project, for the thermal rehabilitation of multi-story buildings as part of the Romanian national action plan for energy efficiency, is expected to result in savings of around 50% of the heating energy consumption of the buildings concerned. The EIB loan, which will cover 75% of the total costs of the project, which have been put at €54.5 million, will help Romania to keep its commitment under the Community directive on the energy performance of buildings. The own resources of the municipality of Bucharest will cover the remaining 25% of the costs of the project. (EH)