The Council of Europe Development Bank (CEB) and Sector 6 of the Municipality of Bucharest agreed on a € 21 million loan to support energy efficiency improvements to residential and public education buildings, the construction of new social housing units, and enhanced social assistance facilities for vulnerable groups.
CEB Governor, Rolf Wenzel, said: “The CEB is well aware of the challenges faced by local authorities when it comes to securing financing for their social investments, particularly in the context of the current pandemic. We are therefore pleased to support Bucharest’s Sector 6 in their endeavour to address social and environmental challenges and we look forward to strengthening our cooperation in the months to come.”
The agreement represents the first tranche of a € 47 million loan approved by the Bank in March 2020 and will be disbursed by the end of the year. Overall, CEB financing will contribute to:
- Retrofitting more than 100 multi-family residential buildings and thirteen state schools and kindergarten buildings.
- Construction and retrofitting of eight after-school facilities and kindergartens to ‘nearly-zero-energy buildings’ standards.
- Construction of 246 social housing, energy-efficient units.
- Operation of a food bank and a social canteen for vulnerable groups living in Sector 6, such as elderly persons, single mothers with children, ethnic Roma, and unemployed or people with disabilities.
