(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 18. The European Investment Bank (EIB) has announced a 200 million euro loan to Distributie Energie Electrica Romania (DEER), Trend reports.

The funding will be used to modernize DEER's electricity distribution network, which serves approximately 4 million households and businesses, covering 40% of Romania.

The loan, which can be disbursed in either euro or Romanian lei, is aimed at improving energy efficiency, reducing supply interruptions, and facilitating the integration of renewable energy sources into the network.

EIB Vice-President Ioannis Tsakiris highlighted the significance of the investment, stating,“Our investment reduces the risks of supply interruptions and contributes to energy efficiency and sustainability. Electrica's smarter and more resilient infrastructure will mean smoother operations for served businesses, better living conditions for people, and generally a greener environment for all.”

Electrica CEO Alexandru Chirita expressed the company's commitment to these goals, saying,“In times when we require funding for our ambitious development, the EIB's support is a clear sign to the market that we are reliable and competitive. We are also happy to contribute to the energy and climate plans of Romania and the EU.”

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