The IFC, a member of the World Bank Group, is providing Palas Campus, a wholly-owned subsidiary of Romanian investment and development group Iulius Holding, with approximately €72mn in financing to construct and operate an energy-efficient office building, which will be used by information technology and communication tenants.
The building will be one of the country's largest office complexes and is part of an IFC effort to help build green business infrastructure, attract foreign investment, and facilitate the diversification of Romania's economy.
The construction is an eco-friendly 60,000-square-metre information technology complex in Iasi, a city in northeastern Romania.
This is the IFC’s first green loan to a Romanian-owned and -based company.
Iulius Holding is a local developer of mixed-use real estate with a diverse portfolio of properties across Romania.
The new complex will obtain IFC’s Excellence in Design for Greater Efficiencies (EDGE) certification for buildings. EDGE buildings use at least 20% less energy and water than standard buildings, helping to mitigate climate change.
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