Invest in the Future. Transform it now.

Explicit and direct guarantee from the Federal Republic of Germany Basis of KfW's funding DEM DEUTSCHEN VOLKE KFW Invest in the Future. Transform it now. / November 2023 Guarantee established in 1998 Defined by law Direct, explicit and unconditional §1a of the Law concerning KfW: The Federal Republic guarantees all obligations of KfW in respect of loans extended to and debt securities issued by KfW, fixed forward transactions or options entered into by KfW and other credits extended to KfW as well as credits extended to third parties inasmuch as they are expressly guaranteed by KfW. 37 37

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