Interest rates are set on a commercial basis for local currency loans (where possible) with maturities between 10 and 18 years. For example, between 2005 and 2006, the EBRD made 28 loans to sub-sovereign entities without such a guarantee for a total volume of more than EUR 350 million. The EBRD also provides direct financing to municipally-owned or partially municipally-owned companies without a municipal guarantee. The Bank has been able to support this kind of risk thanks to a very deliberate approach to risk mitigation. They carefully select partner cities with an initial focus on revenue generating projects. They combine financial assistance (through loans priced at a commercial rate but sized conservatively) with technical assistance to support the reform process.