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KfW credit line

for energy efficiency and environmental protection
New credit line

In December 2022, Banca Intesa ad Beograd and the German Development Bank KfW signed an agreement on the use of a new credit line for energy efficiency and environmental protection in the amount of EUR 25,000,000.

Credit line users

1. Small and medium-sized enterprises according to EU criteria:

  • Fewer than 250 employees
  • Income less than EUR 50 million 
  • Total assets less than EUR 43 million
  • That in majority they are privately owned.

The number of employees is a binding condition. In terms of financial criteria, it is sufficient to meet only one of the two listed criteria. 

In the case of groups of related parties, the data are observed at the consolidated level.

2. Municipalities and Public Utility Companies


After the successful realization of the investment project, end users are entitled to grants in the amount of up to 10% of the loan.

Loan terms

  • maximum loan amount: EUR 3,000,000
  • loan term: up to 7 years
  • grace period: up to 2 years

Purpose of credit line funds

ENERGY EFFICIENCY PROJECTS - investments in fixed and working assets (such as buildings, machinery, equipment, spare parts) and intangible investments (such as know-how and intellectual property) related to investments in energy efficiency or investments to improve the efficient use of natural resources, the recycling of resources and/or the reduction of their emissions, and therefore reduction of the degree of environmental pollution and which leads to a reduction in consumption or pollution of min 20%

Examples of the most common projects:

  • Purchase of new, more energy-efficient equipment,
  • Municipal-funded street lighting
  • More efficient lighting systems in plants,
  • Isolation of facilities (schools, hospitals and other public facilities, business facilities of companies)


  • pollution prevention and control – reduction of air emissions, greenhouse gas control, soil remediation, waste prevention, waste reduction, waste recycling and energy/emission efficient waste to energy;
  • environmentally sustainable management of living natural resources and land use – environmentally sustainable agriculture and animal husbandry; biological crop protection or drip irrigation; environmentally sustainable fishing, aquaculture and forestry;
  • clean transport – such as electric, hybrid, public, rail, infrastructure for clean energy vehicles and reduction of harmful emissions;
  • sustainable water and wastewater management – including sustainable infrastructure for clean and/or drinking water, wastewater treatment, sewage network, sustainable urban drainage and flood mitigation systems;
  • environmentally efficient and/or circular economy-adapted products, production technologies and processes
  • green buildings that meet regional, national or internationally recognised standards or certificates.

Examples of the most common projects:

  • Buying new garbage trucks
  • Construction/reconstruction of the sewerage network,
  • Construction/reconstruction of the water supply network
  • Wastewater treatment plants

RENEWABLE ENERGY PROJECTS: investments in solar panels, heat pumps, biomass boilers, exclusively for clients' own needs.


The project acceptability assessment will be carried out by the Implementation Consultant hired by KFW.

The Consultant, upon completion of the project, checks whether the project has been completed in accordance with the relevant Investment Plan and issues an appropriate certificate, which will also be a signal that appropriate incentive grants can be paid to the client.

In addition, the Implementation Consultant will also determine the percentage of grants to be paid to end users that cannot exceed 10% of the loan amount.

Exclusions / prohibitions

Credit line funds may not be used for projects in the following areas:

  • Production or trade of products subject to national or international prohibitions and restrictions such as

- Certain drugs, pesticides, herbicides and other toxic substances
- Substances that deplete the ozone layer
- Protected wild species
- Waste trade

  • Investments that may be associated with the destruction of protected areas
  • Production or trade of asbestos,
  • Production and sale of tobacco, alcoholic beverages, 
  • Destructive fishing methods
  • Production and trade of weapons and ammunition, 
  • Games of chance and gambling activities,
  • Exploitation of coal,
  • Oil and gas exploration and extraction