ING Bank Romania granted green financing worth 426 million RON to RetuRO SGR, for the implementation of the most important circular economy project at the national level, the Deposit-Return System (DRS).

The DRS, through which beverage packaging will be recovered and reused, will ensure full traceability of waste and create a major impact on the recycling market in Romania. The project aims to recover and recycle more than 6 billion packaging annually, integrating a financial incentive scheme for the return of packaging. ING Bank is the sole financier of the Deposit-Return System in Romania.

The financing package includes an investment loan in the amount of 343 million RON (69 million euros) granted over a period of 5 years and a credit for working capital of 83 million RON (16.7 million euros) with a duration of 2 years.

“Sustainability is a strategic priority for the ING group and equally for ING Bank Romania. We are very excited and honoured to contribute to the largest circular economy project in the country, as a financial partner of RetuRO. It is a project that fits perfectly into our mission to make a difference for our customers and for society.

We are grateful to the management and shareholders of RetuRO for their trust. This green financing is one of the most important transactions of this kind granted so far in Romania, being concluded in record time, with the support of all parties involved. We look with great confidence at this partnership, which will certainly bring a positive impact in Romania’s transition to a green economy,” said Mihaela Bîtu, CEO, ING Bank Romania.

“With obtaining this green loan, we are one step closer to implementing the Guarantee-Return System in Romania. This moment represents another huge step because securing the budget for the operation of such a large-scale project was no easy task. We are talking about the largest circular economy project in the country, which will not only transform Romania into a cleaner and more responsible country but will also lead to long-term changes in mentality and behaviour, both on a personal, civic and at the economic level and the business environment. That is why it was important for us to find a financial institution with which we share the same vision and to find the most favourable conditions for financing a green future. Beyond the financial implications, this partnership between RetuRO and ING represents a sign of the trust and support that any start-up business needs,” said Gemma Webb, CEO RetuRO SGR.