The grant agreement to the value of 5 million within the project to ensure the energy efficiency of public buildings in Chisinau was signed by acting mayor Silvia Radu in London, IPN reports.

The project has a budget of €25 million. €20 million represents the loan provided by the EBRD and EIB, while €5 million is the grant.

In a press release, the municipal authorities said the grant is provided through the E5P, which is an EU instrument to support energy efficiency and environmental projects of the local authorities.

During December 5 – 8, Silvia Radu is paying an official visit to London to take part in the seventh Assembly of Contributors of the Eastern Europe Energy Efficiency and Environmental Partnership (E5P).

On December 7, the Chisinau Municipal Council empowered acting mayor Silvia Radu to negotiate aspects of the lending agreement with the EBRD/EIB for implementing the energy efficiency project. The municipality will repay the loan in 17 half-yearly tranches, starting with the third year of the signing of the contract. The annual interest rate will be equal to 5 percentage points, plus the EURIBOR rate for six months.