The European Investment Bank EIB has approved a EUR 22.4 million loan for revamping apartment blocks in the First District in Bucharest, according to the EIB. This is the first tranche of a EUR 136.5 million loan.

The first tranche will allow the First District City Hall to continue its program to revamp blocks of flats, after the first phase of this process was financed by the EIB too.

Overall, 406 buildings including 19,000 apartments will be renovated. Work started in 2013, and will end in 2017. The whole cost of the project is EUR 182 million, and the EIB covers three quarters of it.

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