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Germany's Society for Technical Cooperation (GTZ) and German development bank KfW have established a EUR 3 million loan program for financing renewable energy and energy efficiency projects in Montenegro. In total, EUR 2.5 million has been earmarked for loans to both state and private investors, while EUR 500,000 will be spent on promotional activities and education in the area of energy efficiency. So far nearly 40 projects have been proposed. The criteria for awarding loans include the reduction of carbon dioxide emissions by up to 20% and a financial rate of return of at least 8%, with a strong emphasis on financially viable projects, says Zeljko Uljarevic of KfW's Montenegro office. Loans, which started flowing last month, will be placed with the help of a local bank. Repayment terms are five to eight years, depending on the project.