The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, recently announced that it will disburse a loan of EUR 40 million (USD 44 million) to Banca Transilvania, a Romania-based bank, in order to improve energy efficiency in residences in the country. The funds will come from the Green Economy Financing Facility (GEFF) for Romania, which has a target of EUR 100 million (USD 110 million) and to which the International Cooperation and Development Fund of Taiwan (TaiwanICDF) has committed USD 20 million. Banca Transilvania will on-lend the proceeds of the loan to “sub-borrowers such as households, housing associations and service providers for energy-saving investments.”
EBRD was founded in 1991 and has 65 shareholding countries as of 2017. EBRD, which focuses on “the promotion of private and entrepreneurial initiative,” invested EUR 9.4 billion (USD 10.1 billion) in companies from 30 countries during 2016.
Banca Transilvania, which is headquartered in Cluj-Napoca, Romania, reported total assets of RON 47.9 billion (USD 11.5 billion) as of June 2016. EBRD is the largest shareholder in Banca Transilvania with a stake of 8.6 percent.
TaiwanICDF is the principal body overseeing Taiwan’s overseas development program. As of December 31, 2015, it reported total assets of TWD 16.3 billion (USD 543 million).
By Phoebe Rorke, Research Associate
Sources and Additional Resources
Banca Transilvania of Romania:
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