December 21 (SeeNews) - International Finance Corporation (IFC), a member of the World Bank Group, said on Wednesday it has invested $80 million (75 million euro) in a bond issue of UniCredit Bank Romania.
The investment will help increase access to finance for green housing in Romania, including green mortgages and green home improvement loans, supporting Romania's climate goals, the IFC said in a press release.
According to estimates, over 95% of the buildings constructed before 2010 in Romania require energy-efficient refurbishing, the IFC added. The entire proceeds of IFC's bond investment will be used for green housing products while also helping reduce greenhouse-gas emissions.
Developing the green mortgage segment is especially important in Romania as households accounted for about 33% of the total final energy consumption in 2018, the IFC noted.
Earlier on Wednesday, UniCredit Bank Romania said that it has raised more than planned 488.5 million lei ($106 million/99 million euro) from institutional investors through a senior unguaranteed bond placement.
The bonds have a five-year maturity and a fixed coupon rate of 9.07% and will be listed on the Bucharest Stock Exchange.
(1 euro=4.9023 lei)
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