IFC, a member of the World Bank Group, is supporting the construction of an eco-friendly 60,000-square-metre information technology complex in Iasi, a city in northeastern Romania. 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.
IFC is providing Palas Campus, a wholly owned subsidiary of Iulius Holding, with approximately €72 million in financing to construct and operate the energy-efficient office building, which will be used by information technology and communication tenants. This is 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 percent less energy and water than standard buildings, helping to mitigate climate change.
“Iulius is delighted to have the support of strong partners,” said Iulian Dascălu, president of Iulius Holding. “Obtaining a syndicated green loan from IFC for Palas Campus, the first loan of this kind in Romania, is a testament to the sustainable development and operational policy underlying this project. This endeavor will also open new horizons for the business community in terms of international investments“.
The new complex will help Romania attract and retain foreign investors and businesses by providing them with modern green office space. The investment will also increase economic activity and employment opportunities in what is a more remote part of Romania.