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data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Governance" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Governance"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Governance</span> </div> </a> <ul id="toc-Governance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Operations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Operations"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Operations</span> </div> </a> <ul id="toc-Operations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Subsidiaries_and_group_units" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Subsidiaries_and_group_units"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Subsidiaries and group units</span> </div> </a> <button aria-controls="toc-Subsidiaries_and_group_units-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Subsidiaries and group units subsection</span> </button> <ul id="toc-Subsidiaries_and_group_units-sublist" class="vector-toc-list"> <li id="toc-Housing_and_environment" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Housing_and_environment"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Housing and environment</span> </div> </a> <ul id="toc-Housing_and_environment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Small_and_medium_enterprises" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Small_and_medium_enterprises"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Small and medium enterprises</span> </div> </a> <ul id="toc-Small_and_medium_enterprises-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Development_aid" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Development_aid"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Development aid</span> </div> </a> <ul id="toc-Development_aid-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Export_and_project_finance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Export_and_project_finance"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Export and project finance</span> </div> </a> <ul id="toc-Export_and_project_finance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-State_shareholding" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#State_shareholding"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>State shareholding</span> </div> </a> <ul id="toc-State_shareholding-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Advisory_services" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Advisory_services"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.6</span> <span>Advisory services</span> </div> </a> <ul id="toc-Advisory_services-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Awards" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Awards"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Awards</span> </div> </a> <ul id="toc-Awards-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Controversy" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Controversy"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Controversy</span> </div> </a> <ul id="toc-Controversy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" 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Available in 22 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-22" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">22 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A8%D9%86%D9%83_%D8%A7%D9%84%D8%A7%D8%A6%D8%AA%D9%85%D8%A7%D9%86_%D9%84%D8%A5%D8%B9%D8%A7%D8%AF%D8%A9_%D8%A7%D9%84%D8%A5%D8%B9%D9%85%D8%A7%D8%B1" title="بنك الائتمان لإعادة الإعمار – Arabic" lang="ar" hreflang="ar" data-title="بنك الائتمان لإعادة الإعمار" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/KfW" title="KfW – Azerbaijani" lang="az" hreflang="az" data-title="KfW" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%DA%A9%D8%A7%D8%A7%D9%81%E2%80%8C%D9%88%DB%8C" title="کااف‌وی – South Azerbaijani" lang="azb" hreflang="azb" data-title="کااف‌وی" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/KfW" title="KfW – Belarusian" lang="be" hreflang="be" data-title="KfW" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/KfW" title="KfW – Catalan" lang="ca" hreflang="ca" data-title="KfW" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/KfW" title="KfW – German" lang="de" hreflang="de" data-title="KfW" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/KfW" title="KfW – Spanish" lang="es" hreflang="es" data-title="KfW" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/KfW" title="KfW – Basque" lang="eu" hreflang="eu" data-title="KfW" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%DA%A9%D8%A7%D8%A7%D9%81%E2%80%8C%D9%88%DB%8C" title="کااف‌وی – Persian" lang="fa" hreflang="fa" data-title="کااف‌وی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Kreditanstalt_f%C3%BCr_Wiederaufbau" title="Kreditanstalt für Wiederaufbau – French" lang="fr" hreflang="fr" data-title="Kreditanstalt für Wiederaufbau" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/KfW" title="KfW – Korean" lang="ko" hreflang="ko" data-title="KfW" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/KfW" title="KfW – Indonesian" lang="id" hreflang="id" data-title="KfW" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/KfW" title="KfW – Italian" lang="it" hreflang="it" data-title="KfW" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%91%D0%B0%D0%BD%D0%BA%D0%B0%D1%80%D1%81%D0%BA%D0%B0_%D0%B3%D1%80%D1%83%D0%BF%D0%B0_KfW" title="Банкарска група KfW – Macedonian" lang="mk" hreflang="mk" data-title="Банкарска група KfW" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%89%E3%82%A4%E3%83%84%E5%BE%A9%E8%88%88%E9%87%91%E8%9E%8D%E5%85%AC%E5%BA%AB" title="ドイツ復興金融公庫 – Japanese" lang="ja" hreflang="ja" data-title="ドイツ復興金融公庫" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/KfW" title="KfW – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="KfW" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/KfW" title="KfW – Polish" lang="pl" hreflang="pl" data-title="KfW" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/KfW" title="KfW – Russian" lang="ru" hreflang="ru" data-title="KfW" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/KfW" title="KfW – Finnish" lang="fi" hreflang="fi" data-title="KfW" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/KfW" title="KfW – Ukrainian" lang="uk" hreflang="uk" data-title="KfW" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ng%C3%A2n_h%C3%A0ng_T%C3%A1i_thi%E1%BA%BFt_%C4%90%E1%BB%A9c" title="Ngân hàng Tái thiết Đức – Vietnamese" lang="vi" hreflang="vi" data-title="Ngân hàng Tái thiết Đức" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%BE%B7%E5%9B%BD%E5%A4%8D%E5%85%B4%E4%BF%A1%E8%B4%B7%E9%93%B6%E8%A1%8C" title="德国复兴信贷银行 – Chinese" lang="zh" hreflang="zh" data-title="德国复兴信贷银行" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q658270#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/KfW" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:KfW" rel="discussion" title="Discuss improvements to the content page [t]" 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data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For the <a href="/wiki/KRL_Commuterline" title="KRL Commuterline">KRL Commuterline</a> rolling stock colloquially known as the KfW, see <a href="/wiki/EA202_series" title="EA202 series">EA202 series</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1242257876">.mw-parser-output .ib-company .infobox-label{padding-right:0.5em}.mw-parser-output .ib-company .infobox-data,.mw-parser-output .ib-company .infobox-below{line-height:1.35em}.mw-parser-output .ib-company-logo img{background-color:#f8f9fa}.mw-parser-output .ib-company-locality,.mw-parser-output .ib-company-country{display:inline}</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org" style="font-size: 125%;">KfW</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:KfW_Bankengruppe.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/59/KfW_Bankengruppe.svg/220px-KfW_Bankengruppe.svg.png" decoding="async" width="220" height="78" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/59/KfW_Bankengruppe.svg/330px-KfW_Bankengruppe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/59/KfW_Bankengruppe.svg/440px-KfW_Bankengruppe.svg.png 2x" data-file-width="512" data-file-height="182" /></a></span></td></tr><tr><td colspan="2" class="infobox-image ib-company-logo logo"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:Westarkade_Frankfurt.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Westarkade_Frankfurt.jpg/220px-Westarkade_Frankfurt.jpg" decoding="async" width="220" height="380" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Westarkade_Frankfurt.jpg/330px-Westarkade_Frankfurt.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/79/Westarkade_Frankfurt.jpg/440px-Westarkade_Frankfurt.jpg 2x" data-file-width="2180" data-file-height="3761" /></a></span><div class="infobox-caption"><a href="/wiki/KfW_Westarkade" title="KfW Westarkade">KfW Westarkade</a>, the headquarters of KfW in Frankfurt</div></td></tr><tr><th scope="row" class="infobox-label">Formerly</th><td class="infobox-data nickname">Kreditanstalt für Wiederaufbau</td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category">Public law legal entity (<a href="/wiki/Statutory_corporation" title="Statutory corporation">Statutory corporation</a>)</td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="/wiki/Financial_services" title="Financial services">Financial services</a></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">November 1948</td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data label"><a href="/wiki/KfW_Westarkade" title="KfW Westarkade">KfW Westarkade</a>, <div class="ib-company-locality locality"><a href="/wiki/Frankfurt" title="Frankfurt">Frankfurt</a></div>, <div class="ib-company-country country-name"><a href="/wiki/Germany" title="Germany">Germany</a></div></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Key people</div></th><td class="infobox-data agent"><a href="/w/index.php?title=Stefan_Wintels&action=edit&redlink=1" class="new" title="Stefan Wintels (page does not exist)">Stefan Wintels</a> (CEO) <a href="/wiki/Christian_Lindner" title="Christian Lindner">Christian Lindner</a> (Chair of Supervisory Board)</td></tr><tr><th scope="row" class="infobox-label">Products</th><td class="infobox-data">Housing finance, small and medium enterprise finance, export finance, import finance, foreign investment finance, development aid</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Earnings_before_interest_and_taxes" title="Earnings before interest and taxes">Operating income</a></div></th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> €1.669 billion (2022)<sup id="cite_ref-AR2022_1-0" class="reference"><a href="#cite_note-AR2022-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Net_income" title="Net income">Net income</a></div></th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> €1.183 billion (2022)<sup id="cite_ref-AR2022_1-1" class="reference"><a href="#cite_note-AR2022-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label"><span class="nowrap"><a href="/wiki/Asset" title="Asset">Total assets</a></span></th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> €555 billion (2022)<sup id="cite_ref-AR2022_1-2" class="reference"><a href="#cite_note-AR2022-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label"><span class="nowrap"><a href="/wiki/Equity_(finance)" title="Equity (finance)">Total equity</a></span></th><td class="infobox-data"><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> €36.6 billion (2022)<sup id="cite_ref-AR2022_1-3" class="reference"><a href="#cite_note-AR2022-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Owner</th><td class="infobox-data"><a href="/wiki/Federal_Republic_of_Germany" class="mw-redirect" title="Federal Republic of Germany">Federal Republic of Germany</a> (80%)<br /><a href="/wiki/States_of_Germany" title="States of Germany">States of Germany</a> (20%)</td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Number of employees</div></th><td class="infobox-data">7,984 <sup id="cite_ref-AR2022_1-4" class="reference"><a href="#cite_note-AR2022-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> (2022)</td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="https://www.kfw.de/">www<wbr />.kfw<wbr />.de</a></span></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Berlin,_Mitte,_Charlottenstrasse_33-33A,_Kreditanstalt_fuer_Wiederaufbau.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Berlin%2C_Mitte%2C_Charlottenstrasse_33-33A%2C_Kreditanstalt_fuer_Wiederaufbau.jpg/220px-Berlin%2C_Mitte%2C_Charlottenstrasse_33-33A%2C_Kreditanstalt_fuer_Wiederaufbau.jpg" decoding="async" width="220" height="155" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Berlin%2C_Mitte%2C_Charlottenstrasse_33-33A%2C_Kreditanstalt_fuer_Wiederaufbau.jpg/330px-Berlin%2C_Mitte%2C_Charlottenstrasse_33-33A%2C_Kreditanstalt_fuer_Wiederaufbau.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a2/Berlin%2C_Mitte%2C_Charlottenstrasse_33-33A%2C_Kreditanstalt_fuer_Wiederaufbau.jpg/440px-Berlin%2C_Mitte%2C_Charlottenstrasse_33-33A%2C_Kreditanstalt_fuer_Wiederaufbau.jpg 2x" data-file-width="2090" data-file-height="1473" /></a><figcaption>Former <a href="/wiki/Berliner_Handels-Gesellschaft" title="Berliner Handels-Gesellschaft">Berliner Handels-Gesellschaft</a> headquarters annex on Charlottenstrasse 33 (1911), now Berlin office of KfW</figcaption></figure> <p>The <b>KfW</b>, which together with its subsidiaries DEG, KfW IPEX-Bank and FuB forms the <b>KfW Bankengruppe</b> ("banking group"), is a German state-owned <a href="/wiki/Investment_bank" class="mw-redirect" title="Investment bank">investment</a> and <a href="/wiki/Development_finance_institution" title="Development finance institution">development bank</a>, based in <a href="/wiki/Frankfurt" title="Frankfurt">Frankfurt</a>. As of 2014, it is the world's largest national development bank<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> and as of 2018 Germany's third largest bank by balance sheet. Its name originally comes from <b>Kreditanstalt für Wiederaufbau</b> ("Credit Institute for Reconstruction"). It was formed in 1948 after <a href="/wiki/World_War_II" title="World War II">World War II</a> as part of the <a href="/wiki/Marshall_Plan" title="Marshall Plan">Marshall Plan</a>. </p><p>According to the <a href="/wiki/OECD" title="OECD">OECD</a>, Germany’s total official development assistance (ODA) (USD 35 billion, preliminary data) increased in 2022 due to an increase in in-donor refugee costs and increased contributions to international organisations. It represented 0.83% of gross national income (GNI).<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Governance">Governance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=1" title="Edit section: Governance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>KfW is owned by the Federal Republic of Germany (80 percent) and the <a href="/wiki/States_of_Germany" title="States of Germany">States of Germany</a> (20 percent).<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> It is led by a five-member executive board headed by <a href="/wiki/Chief_executive_officer" title="Chief executive officer">CEO</a> <a href="/w/index.php?title=Stefan_Wintels&action=edit&redlink=1" class="new" title="Stefan Wintels (page does not exist)">Stefan Wintels</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://de.wikipedia.org/wiki/Stefan_Wintels" class="extiw" title="de:Stefan Wintels">de</a>]</span>,<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> which in turn reports to a 37<span class="nowrap"> </span>member Board of Supervisory Directors. The chair and deputy chair of the Board of Supervisory Directors are the German Federal Ministers of <a href="/wiki/Federal_Minister_of_Finance_(Germany)" class="mw-redirect" title="Federal Minister of Finance (Germany)">Finance</a> and of <a href="/wiki/Federal_Ministry_for_Economic_Affairs_and_Energy" class="mw-redirect" title="Federal Ministry for Economic Affairs and Energy">Economic Affairs</a>, with the positions alternating annually between them. Currently, the chairman is <a href="/wiki/J%C3%B6rg_Kukies" title="Jörg Kukies">Jörg Kukies</a>, <a href="/wiki/Federal_Ministry_of_Finance_(Germany)" title="Federal Ministry of Finance (Germany)">Federal Minister of Finance</a>. </p><p>In 2009, <a href="/wiki/Caisse_des_D%C3%A9pots" class="mw-redirect" title="Caisse des Dépots">Caisse des Dépots</a>, <a href="/wiki/Cassa_Depositi_e_Prestiti" title="Cassa Depositi e Prestiti">Cassa Depositi e Prestiti</a>, KfW and <a href="/wiki/European_Investment_Bank" title="European Investment Bank">European Investment Bank</a> founded the <a href="/w/index.php?title=Long-Term_Investors_Club&action=edit&redlink=1" class="new" title="Long-Term Investors Club (page does not exist)">Long-Term Investors Club</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Operations">Operations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=2" title="Edit section: Operations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>KfW banking group covers over 90% of its borrowing needs in the <a href="/wiki/Capital_markets" class="mw-redirect" title="Capital markets">capital markets</a>, mainly through bonds that are guaranteed by the federal government. This allows KfW to raise funds at advantageous conditions. Its exemption from having to pay corporate taxes due to its legal status as a public agency and unremunerated equity provided by its public shareholders allow KfW to provide loans for purposes prescribed by the KfW law at lower rates than commercial banks. KfW is not allowed to compete with commercial banks, but it facilitates their business in areas within its mandate. KfW banking group has three business units with distinct functions, as well as several subsidiaries. </p><p>Lending by KfW group's two main business units, accounting for more than 90% of total lending, is in Germany and, to a limited extent, in other European countries. However, its largest subsidiary, <a href="/wiki/KfW_IPEX-Bank" title="KfW IPEX-Bank">KfW IPEX-Bank</a> GmbH, predominantly lends internationally. A smaller subsidiary, the <a href="/wiki/German_Investment_Corporation" title="German Investment Corporation">German Investment Corporation</a> (DEG), and one of the group's smaller business units, KfW Development Bank, are exclusively active in the international arena, each within their particular business areas. </p> <div class="mw-heading mw-heading2"><h2 id="Subsidiaries_and_group_units">Subsidiaries and group units</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=3" title="Edit section: Subsidiaries and group units"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Housing_and_environment">Housing and environment</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=4" title="Edit section: Housing and environment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>KfW Förderbank (KfW promotional Bank), the largest business unit of the group, committed <a href="/wiki/Euro" title="Euro">€</a>47.6 billion in 2014, mostly for housing and environmental protection in Germany.<sup id="cite_ref-KfW_Figures_7-0" class="reference"><a href="#cite_note-KfW_Figures-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> It is especially active in promoting energy-efficient housing for owner-occupied houses as well as for landlords, both for new houses and refurbishments.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Its energy efficiency standards for houses (KfW-60 and KfW-40) have become accepted standards in Germany. Concerning environmental protection, it promotes, among others, photovoltaic energy (<a href="/wiki/Solar_cell" title="Solar cell">solar cells</a>) which has in turn received massive indirect subsidies through <a href="/wiki/Feed-in_tariff" title="Feed-in tariff">feed-in tariffs</a><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> under the <a href="/wiki/Renewable_Energy_Law" class="mw-redirect" title="Renewable Energy Law">Renewable Energy Law</a> of 2000. It also invests in municipal infrastructure such as public transport and sanitation through a sub-unit called KfW Kommunalbank (KfW municipal bank). More recently (since 2006), it has also engaged in education where it provides student loans. </p> <div class="mw-heading mw-heading3"><h3 id="Small_and_medium_enterprises">Small and medium enterprises</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=5" title="Edit section: Small and medium enterprises"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>KfW Mittelstandsbank (which roughly translates as KfW small and medium enterprises bank), the second largest business unit of the group, provides assistance to German <a href="/wiki/Small_and_medium_enterprises" title="Small and medium enterprises">small and medium enterprises</a> (SMEs) including individual entrepreneurs and start-ups. In addition to loans it also provides equity and <a href="/wiki/Mezzanine_financing" class="mw-redirect" title="Mezzanine financing">mezzanine financing</a>. Its financing totaled €20.4 billion in 2015.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>KfW has been very active in <a href="/wiki/Securitization" title="Securitization">securitization</a> before this market collapsed during the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a>. Through securitization it helped commercial banks to transfer risks from their housing and SME portfolios to the capital market. KfW also provides loans to European commercial banks to help them finance SMEs, housing and infrastructure (so-called global loans). </p> <div class="mw-heading mw-heading3"><h3 id="Development_aid">Development aid</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=6" title="Edit section: Development aid"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>KfW Entwicklungsbank (KfW Development Bank) provides financing to governments, public enterprises and commercial banks engaged in <a href="/wiki/Microfinance" title="Microfinance">microfinance</a> and SME promotion in developing countries. It does so through loans close to market terms using its own resources ("promotional loans"), soft loans that blend KfW resources with support from the federal government's aid budget ("development loans"), as well as highly subsidized loans and grants, the latter two coming entirely from the federal aid budget. Different country groups are offered different financing conditions depending mainly on their per capita income. All these financing instruments are part of what is officially called <a href="/wiki/Official_development_assistance" title="Official development assistance">development cooperation</a> and is often also called "<a href="/wiki/Development_aid" title="Development aid">development aid</a>". </p><p>In German aid, the work of KfW Development Bank is called "financial cooperation" which is complemented by "technical cooperation" by <a href="/wiki/Deutsche_Gesellschaft_f%C3%BCr_Internationale_Zusammenarbeit" title="Deutsche Gesellschaft für Internationale Zusammenarbeit">GIZ</a> and other public agencies. The main sectors of financial cooperation are water supply and sanitation, renewable energy and energy efficiency, as well as the development of the financial sector. KfW Development Bank also works, among other sectors, in health, education, agriculture, forestry, solid waste management. It provided €7.4 billion in loans and grants in 2014.<sup id="cite_ref-KfW_Figures_7-1" class="reference"><a href="#cite_note-KfW_Figures-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Export_and_project_finance">Export and project finance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=7" title="Edit section: Export and project finance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The largest subsidiary of KfW banking group is KfW IPEX-Bank. KfW IPEX-Bank is active in <a href="/wiki/Project_finance" title="Project finance">project finance</a> and <a href="/wiki/Corporate_finance" title="Corporate finance">corporate finance</a> related to German or European exports. It also promotes foreign investments in Germany. Unlike KfW, it competes directly with commercial banks. Therefore, and in response to concerns voiced by the European Commission concerning unfair competition, KfW IPEX-Bank has become legally and financially independent in 2008. KfW IPEX-Bank's main sectors of activity are ports, airports, toll roads, bridges and tunnels, railways, ships, planes, telecommunications, energy, and manufacturing. In 2014 the balance sheet total of KfW IPEX-Bank amounted to <a href="/wiki/Euro" title="Euro">€</a>26.3 billion.<sup id="cite_ref-KfW_Figures_7-2" class="reference"><a href="#cite_note-KfW_Figures-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Another subsidiary of KfW banking group, the <a href="/wiki/German_Investment_Corporation" title="German Investment Corporation">German Investment Corporation</a> (DEG), takes minority equity stakes and provides loans to private companies investing in developing countries. It pursues a business model broadly similar to that of the <a href="/wiki/International_Finance_Corporation" title="International Finance Corporation">International Finance Corporation</a> of the <a href="/wiki/World_Bank_Group" title="World Bank Group">World Bank Group</a>. Its main sectors of activity are banking, <a href="/wiki/Agro-business" class="mw-redirect" title="Agro-business">agro-business</a>, renewable energy, telecommunications and manufacturing. It lent 1.2 billion<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (January 2014)">clarification needed</span></a></i>]</sup> in 2008.<sup id="cite_ref-KfW_Figures_7-3" class="reference"><a href="#cite_note-KfW_Figures-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="State_shareholding">State shareholding</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=8" title="Edit section: State shareholding"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On behalf of the German state, KfW holds shares in a variety of corporations, including <a href="/wiki/Deutsche_Post" title="Deutsche Post">Deutsche Post</a>, <a href="/wiki/Deutsche_Telekom" title="Deutsche Telekom">Deutsche Telekom</a>,<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Commerzbank" title="Commerzbank">Commerzbank</a>, <a href="/wiki/Lufthansa" title="Lufthansa">Lufthansa</a>,<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/CureVac" title="CureVac">CureVac</a>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Advisory_services">Advisory services</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=9" title="Edit section: Advisory services"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2013, KfW agreed to help establish a Portuguese financial institution to foster economic growth and boost job creation in the country.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Awards">Awards</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=10" title="Edit section: Awards"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The magazine <a href="/wiki/Global_Finance_(magazine)" title="Global Finance (magazine)"><i>Global Finance</i></a> rated KfW as the safest bank in the world in its "World's 50 Safest Banks 2014" rating. The rating was based on long-term foreign currency ratings from <a href="/wiki/Fitch_Ratings" title="Fitch Ratings">Fitch Ratings</a> and <a href="/wiki/Standard_and_Poor%27s" class="mw-redirect" title="Standard and Poor's">Standard and Poor's</a> and the long-term bank deposit ratings from <a href="/wiki/Moody%27s_Investors_Service" class="mw-redirect" title="Moody's Investors Service">Moody's Investors Service</a>.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Controversy">Controversy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=11" title="Edit section: Controversy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In September 2008, as investors were scrambling to get their funds out of <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a>, KfW accidentally wired €320 million ($426 million) to Lehman; Germany's largest circulation newspaper, <i><a href="/wiki/Bild" title="Bild">Bild</a></i>, called KfW "Germany's Dumbest Bank" at the time.<sup id="cite_ref-KfW_NYTimes_16-0" class="reference"><a href="#cite_note-KfW_NYTimes-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> The bank subsequently fired two board members over the transfer.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>Due to a glitch in the bank's information technology, KfW again accidentally transferred 7.6 billion euros ($8.2 billion) to four other banks in February 2017 but got the money back, incurring costs of 25,000 euros.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=KfW&action=edit&section=12" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1266661725">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output 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class="references"> <li id="cite_note-AR2022-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-AR2022_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-AR2022_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-AR2022_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-AR2022_1-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-AR2022_1-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.kfw.de/%C3%9Cber-die-KfW/Berichtsportal/Berichterstattung-2022/">"Annual Report 2022"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">18 April</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Annual+Report+2022&rft_id=https%3A%2F%2Fwww.kfw.de%2F%25C3%259Cber-die-KfW%2FBerichtsportal%2FBerichterstattung-2022%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20141030033637/http://bankenverband.de/service/fakten-zahlen/statistik-service/die-100-groessten-deutschen-kreditinstitute">"Die 100 größten deutschen Kreditinstitute — bankenverband.de"</a>. 2014-10-30. Archived from <a rel="nofollow" class="external text" href="http://bankenverband.de/service/fakten-zahlen/statistik-service/die-100-groessten-deutschen-kreditinstitute">the original</a> on 2014-10-30<span class="reference-accessdate">. Retrieved <span class="nowrap">2021-02-09</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Die+100+gr%C3%B6%C3%9Ften+deutschen+Kreditinstitute+%E2%80%94+bankenverband.de&rft.date=2014-10-30&rft_id=http%3A%2F%2Fbankenverband.de%2Fservice%2Ffakten-zahlen%2Fstatistik-service%2Fdie-100-groessten-deutschen-kreditinstitute&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://oe.cd/il/dev-coop-germany">"OECD Development Co-operation Profiles"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">15 September</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=OECD+Development+Co-operation+Profiles&rft_id=https%3A%2F%2Foe.cd%2Fil%2Fdev-coop-germany&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span> </span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20180727074428/https://www.kfw.de/KfW-Group/About-KfW/Zahlen-und-Fakten/KfW-auf-einen-Blick/">"Success in numbers"</a>. <i>www.kfw.de</i>. Archived from <a rel="nofollow" class="external text" href="https://www.kfw.de/KfW-Group/About-KfW/Zahlen-und-Fakten/KfW-auf-einen-Blick/">the original</a> on 2018-07-27<span class="reference-accessdate">. Retrieved <span class="nowrap">2018-04-10</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.kfw.de&rft.atitle=Success+in+numbers&rft_id=https%3A%2F%2Fwww.kfw.de%2FKfW-Group%2FAbout-KfW%2FZahlen-und-Fakten%2FKfW-auf-einen-Blick%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.kfw.de/About-KfW/Arbeitsweise-und-Unternehmensf%C3%BChrung/Vorstand/">"Executive Board of KfW"</a>. <i>www.kfw.de</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2022-05-11</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.kfw.de&rft.atitle=Executive+Board+of+KfW&rft_id=https%3A%2F%2Fwww.kfw.de%2FAbout-KfW%2FArbeitsweise-und-Unternehmensf%25C3%25BChrung%2FVorstand%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLong-Term_Investors_Club" class="citation web cs1">Long-Term Investors Club. <a rel="nofollow" class="external text" href="http://www.ltic.org/index.php/2014-07-27-14-13-43/message">"Message"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Message&rft.au=Long-Term+Investors+Club&rft_id=http%3A%2F%2Fwww.ltic.org%2Findex.php%2F2014-07-27-14-13-43%2Fmessage&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span></span> </li> <li id="cite_note-KfW_Figures-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-KfW_Figures_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-KfW_Figures_7-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-KfW_Figures_7-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-KfW_Figures_7-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.kfw.de/PDF/Download-Center/Finanzpublikationen/PDF-Dokumente-Berichte-etc./3_Finanzberichte/Finanzbericht_2014_D.pdf">KfW Bankengruppe:Key Business Figures</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200110151119/https://www.kfw.de/PDF/Download-Center/Finanzpublikationen/PDF-Dokumente-Berichte-etc./3_Finanzberichte/Finanzbericht_2014_D.pdf">Archived</a> 2020-01-10 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarrington2012" class="citation web cs1">Carrington, Damian (24 May 2012). <a rel="nofollow" class="external text" href="https://www.theguardian.com/environment/damian-carrington-blog/2012/may/24/green-investment-bank-energy-efficiency">"How a green investment bank really works"</a>. <i>the Guardian</i><span class="reference-accessdate">. Retrieved <span class="nowrap">13 July</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=the+Guardian&rft.atitle=How+a+green+investment+bank+really+works&rft.date=2012-05-24&rft.aulast=Carrington&rft.aufirst=Damian&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fenvironment%2Fdamian-carrington-blog%2F2012%2Fmay%2F24%2Fgreen-investment-bank-energy-efficiency&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.qualenergia.it/articoli/20150407-batterie-il-fotovotaico-come-sta-andando-l-incentivo-germania">"Batterie per il FV: Come sta andando l'incentivo in Germania"</a>. 7 April 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Batterie+per+il+FV%3A+Come+sta+andando+l%27incentivo+in+Germania&rft.date=2015-04-07&rft_id=http%3A%2F%2Fwww.qualenergia.it%2Farticoli%2F20150407-batterie-il-fotovotaico-come-sta-andando-l-incentivo-germania&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external free" href="https://www.kfw.de/Presse-Newsroom/Pressetermine/Jahresauftakt-Pressekonferenz-2016/KfW-Foerderzahlen-per-2015.pdf">https://www.kfw.de/Presse-Newsroom/Pressetermine/Jahresauftakt-Pressekonferenz-2016/KfW-Foerderzahlen-per-2015.pdf</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221222084431/https://www.kfw.de/Presse-Newsroom/Pressetermine/Jahresauftakt-Pressekonferenz-2016/KfW-Foerderzahlen-per-2015.pdf">Archived</a> 2022-12-22 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Bare_URLs" title="Wikipedia:Bare URLs"><span title="A full citation of this PDF document is required to prevent link rot. (March 2022)">bare URL PDF</span></a></i>]</sup></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">Mark Landler (October 12, 2004), <a rel="nofollow" class="external autonumber" href="https://www.nytimes.com/2004/10/12/business/worldbusiness/germany-selling-part-of-deutsche-telekom-stake.html">[1]</a> <i><a href="/wiki/New_York_Times" class="mw-redirect" title="New York Times">New York Times</a></i>.</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Arno Schuetze and Michael Nienaber (May 25, 2020), <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-health-coronavirus-lufthansa-rescue/germany-stamps-authority-on-lufthansa-with-9-8-billion-lifeline-idUSKBN23110F">Germany stamps authority on Lufthansa with $9.8 billion lifeline</a> <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>.</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.kfw.de/KfW-Group/Newsroom/Latest-News/News-Details_600640.html">KfW acquires minority interest in CureVac AG on behalf of the Federal Government</a> KfW, press release of August 8, 2020.</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.reuters.com/article/germany-portugal/german-kfw-bank-to-help-set-up-portuguese-financial-body-finmins-idUSB4N0D900M20130522">German KfW bank to help set up Portuguese financial body-finmins</a> <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>, May 22, 2013.</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><a href="/wiki/Global_Finance_(magazine)" title="Global Finance (magazine)">Global Finance</a>:<a rel="nofollow" class="external autonumber" href="https://www.gfmag.com/magazine/november-2014/top-50-safest-global-banks-2014">[2]</a>, accessed on 14 March 2010.</span> </li> <li id="cite_note-KfW_NYTimes-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-KfW_NYTimes_16-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://dealbook.nytimes.com/2008/09/19/uproar-over-german-banks-payout-to-lehman/#h">"Uproar Over German Bank's Payout to Lehman"</a>. <i>The New York Times DealBook</i>. 19 September 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times+DealBook&rft.atitle=Uproar+Over+German+Bank%27s+Payout+to+Lehman&rft.date=2008-09-19&rft_id=https%3A%2F%2Fdealbook.nytimes.com%2F2008%2F09%2F19%2Fuproar-over-german-banks-payout-to-lehman%2F%23h&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.reuters.com/article/financial-lehman-germany-idUSGEE5BB05X20091212">"Germany's KfW to get back Lehman millions - source"</a>. <i>Reuters</i>. 12 December 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Germany%27s+KfW+to+get+back+Lehman+millions+-+source&rft.date=2009-12-12&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Ffinancial-lehman-germany-idUSGEE5BB05X20091212&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.dw.com/en/germanys-dumbest-bank-to-press-charges-against-own-staff/a-3659009">"Germany's "Dumbest Bank" to Press Charges Against Own Staff"</a>. <i>Deutsche Welle</i>. 20 September 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Deutsche+Welle&rft.atitle=Germany%27s+%22Dumbest+Bank%22+to+Press+Charges+Against+Own+Staff&rft.date=2008-09-20&rft_id=https%3A%2F%2Fwww.dw.com%2Fen%2Fgermanys-dumbest-bank-to-press-charges-against-own-staff%2Fa-3659009&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKfW" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">Alexander Hübner (March 29, 2017), <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-kfw-mistrade/german-state-bank-kfw-accidentally-transferred-7-6-billion-euros-exec-idUSKBN1700W8">German state bank KfW accidentally transferred 7.6 billion euros: exec</a> <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i>.</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span 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href="https://viaf.org/viaf/156661252">VIAF</a></span><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://viaf.org/viaf/146786855">2</a></span></li></ul></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/10058878-5">Germany</a></span><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/38996-1">2</a></span></li></ul></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/n50077997">United States</a></span><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/n2004101386">2</a></span></li></ul></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://catalogue.bnf.fr/ark:/12148/cb11864687f">France</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://data.bnf.fr/ark:/12148/cb11864687f">BnF data</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://www.nli.org.il/en/authorities/987007270864405171">Israel</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://www.idref.fr/026390299">IdRef</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" 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