KfW IPEX-Bank is responsible for the Export and Project Finance business area within the KfW Group. They have been a legally independent subsidiary and have been operating under competitive conditions in the market since 2008. Their solid equity base and market position within international export and project finance ensure they receive good ratings from the leading rating agencies. The Management Board, Board of Supervisory Directors and shareholders' meeting have forged a trusting working relationship and are fully aware of the responsibility they share for the company. This all serves the purpose of our bank's mandate – to offer financing in the interest of the German and European economies.