The European Investment Bank (EIB) is lending EUR 70 million to the Municipality of Sector 6 in Bucharest to finance energy efficiency refurbishments of multi-storey residential buildings, a press release informs. EIB Vice-President Matthias Kollatz Ahnen, with responsibility for lending in Romania, stated the funds will help to reduce by roughly 50 pc the energy consumption of the buildings covered by this thermal rehabilitation project. The total energy saved will amount to about 160 GWh a year once the programme is fully implemented. The EIB loan will co-finance (50 pc of the project cost) the thermal rehabilitation of 273 multi-storey residential buildings over the period 2011–2013. The additional funding to complete this multi-annual programme will be sourced from state subsidies allocated by the Ministry of Regional Development and Tourism, as well as other municipality funds. This project will support the implementation of Romania’s National Energy Efficiency Action Plan which, through the national legislation, transposes the provisions of the EU Energy Performance of Buildings Directive. The energy savings cover 30 pc of the investment cost in net present value terms at current tariffs which are subsidised.