The project aims to recover and recycle more than 6 billion pieces of packaging annually, integrating a financial incentive scheme for the return of packaging.
At the same time, this project is essential for reaching the collection and recycling targets that Romania committed to before the European Union.
The financing package includes an investment loan in the amount of RON343 million (€69 million) granted over a period of 5 years and a credit for working capital of RON83 million (€16.7 million) 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 honored 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. This green financing is one of the most important transactions of this kind granted so far in Romania, being concluded in record time", says Mihaela Bîtu, CEO, of ING Bank Romania.
She says that this partnership will bring a positive impact on Romania's transition to a green economy.
The full private loan obtained by RetuRO will support the operational activity of the Guarantee-Return System, which includes the creation and operation of regional centers, where the counting, sorting, and preparation for recycling of returned packaging will be ensured.
"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 behavior, both on a personal, civic, and economic level and the business environment", says Gemma Webb, CEO of RetuRO Sistem Garantie Returnare.
The Guarantee-Return System represents a complete circuit that glass, plastic, or metal packaging, with volumes between 0.1 liters and 3 liters inclusive, must go through in order to be recovered and reused. Thus, starting from November 30, the price of the sold drinks will include a guarantee in the amount of RON0.50 (€0.1) for each eligible package. Afterward, customers will be able to recover the value of the guarantee by returning the packaging to any collection point made available by merchants, without the need to present the tax receipt, even if the respective product was purchased from another location.
RetuRO Sistem Garanție Returnare is a company established by a consortium formed by three private shareholders – the Association of Romanian Brewers for the Environment, the Association of Soft Drink Producers for Sustainability, and the Association of Retailers for the Environment – and a public shareholder, the Romanian state, through the central environmental authority, Ministry of Environment, Waters and Forests.
The Guarantee-Return system in Romania represents a model of best practices at the global level through the partnership between manufacturers, traders, and the Romanian state within RetuRO.
RetuRO operates on the basis of the not-for-profit principle, which means that any profit made from the collection of packaging will be reinvested, exclusively, in the development of the Guarantee-Return System. The company was designated, by law, as the administrator of the system in 2022, the sole objective being to ensure the optimal functioning of this system.
