Key promotional area: Global loans to the promotional institutions of the federal states – business sector Kommunal- und Privatkundenbank/ Kreditinstitute (Municipal and Private Client Bank/Credit Institutions)

KfW has successfully cooperated with the promotional institutions of the federal states (Landesförderinstitute – “LFIs”) for years. Cooperation with the LFIs focuses firstly on granting programme-related global loans and secondly on general funding. The programme-related global loans serve to fund the LFIs' promotional loans in the SME, housing and infrastructure segments based on the relevant KfW products. This results in particularly favourable financing terms for borrowers, as financial support from KfW and the Federal Government is linked to that of the LFIs and federal states.

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The information contained in this online Annual Report 2017 is based on KfW’s Financial Report 2017, which you can download here. Should this online Annual Report 2017, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Financial Report, the KfW Financial Report 2017 takes priority.