District 1 City Hall signed a €125m loan with the European Investment Bank (EIB) for thermal insulation. The city must repay the loan within 20 years, but it will be paying just 2.4% interest and it gets a four year grace period on the loan.
It will then provide city residents with grants that can be used for installing insulation in their flats and buildings. The grants do not have to be paid back, says Mayor Andrei Chiliman.
