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September 18, 2020

EUR 10 M EBRD loan to UniCredit Tiriac Bank to invest in energy efficiency

The European Bank for Reconstruction and Development (EBRD) is providing EUR 10 M in new financing to Romania’s UniCredit Tiriac Bank S.A. for on-lending to small and medium-sized enterprises (SMEs) investing in industrial energy efficiency and small-scale renewable energy projects, a press release informs. The loan is extended under the EBRD’s Romania SME Sustainable Energy Financing Facility (RoSEFF), a key instrument for promoting the rational use of energy, particularly given the current liberalisation of the domestic energy market, as a means to cut bills and boost the competitiveness of SMEs. ,“There is substantial potential in Romania to achieve energy savings and the EBRD long-term loan helps reduce the number of barriers that the private sector still faces in obtaining financing for energy efficiency projects,” said Sylvia Gansser-Potts, EBRD Director for Financial Institutions, EU Banks. Along with technical assistance and investment incentives financed by the European Union, the EBRD loan comes at a time when the Romanian private sector faces an even greater need for long-term financing, affected as it is by the eurozone crisis and the scarcity of funding.

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