1. NOT AN OFFICIAL UNCTAD RECORD
International Partner in Natural Resources Marrakech, April 30, Margrit Nzuki

2. Content
Why chose international partners to finance Oil & Gas projects in Africa
Advantages
Requirements
KfW as your international finance partner
Our approach
Experience in Africa
Guideline for eligible projects and structural elements
Lessons learned
Contacts

3. International Partners
Providing Political support
Technical Expertise
Providing access to international capital markets
Allows for diversified lending base over coming local constrains
Resources projects are typically of a scale to large for local/regional banking market
Enhancing project creditability

4. Our Value Proposition We add value to our clients’ projects by:
Long-term lending reflecting our continuous support throughout the project cycle
In-depth knowledge of our clients’ markets based on our sector expertise gained over years
Tailor-made financing solutions meeting our clients’ needs
Fast and reliable commitment to our partners at early project stages
Strong underwriting capacity
Long-term partnership with our clients also in challenging markets & times

5. Multi-sourcing
Most extensive and decade-long experience with Euler-Hermes
Long standing experience in multi-sourcing transactions and established business relationships with all major European ECAs (e.g. ECGD, SACE, COFACE, Atradius, OEKB, Finnvera)
Dedicated in-house Credit Insurance Team, as internal advisor with regard to ECA/PRI/Private Insurer covered transactions (e.g. contacts, premia, maximizing inclusion of third country deliveries under ECA cover, etc.)
Frequent ECA-Agent mandates in multi-sourcing transactions
Cooperation agreements with a number of export financing institutions (ECGD, FIDE, SIMEST, JBIC, SEK, Vnesheconombank) complementing existing ECA reinsurance schemes -> „one stop shop“ financial packages (partially OECD minimum rates, i.e. CIRR)

6. Advantages and Features offered by your international partner
Main Features
Loans are extended directly to buyers, investors, project companies or banks
Long-term loans in EUR, USD or other foreign currencies at attractive fixed or variable interest rates like CIRR
Experience with many different financing structures: from export credits with state or bank guarantees to tailor-made project and lease finance
Expertise in the utilisation of diverse security instruments ● Insurance through ECAs like Hermes, ECGD, EDC et. al. ● Multilateral agencies (MIGA, EIB) ● Private risk insurance ● Specific German schemes like UfK / GKA

7. * figures as of Dec. 31st, 2003 (liable equity: KfW only)
KfW Group - Overview
Established by law in 1948
Shareholders 80% Federal Republic 20% Federal States
Headquarter Frankfurt am Main
Branch Offices Berlin, Bonn, Cologne (DEG)
Liable Equity EUR 10.4 billion*
Balance-Sheet Total EUR 315 billion*
Rating AAA / Aaa
Employees 3,600
* figures as of Dec. 31st, 2003 (liable equity: KfW only)

8. KfW Group - New Brand Structure
Supporting the Federal Government in the privatisation of state-owned enterprises
Other services
Promotion of small and medium-sized enterprises, business founders, start-ups
Promotion of housing finance,
environmental and climate protection,
education, infra-structure and the social sector Securitization
Export and Project Finance
Industry, transport infrastructure, tele-communication, natural resources, energy, environment
Promotion of developing and transition countries
Investment Finance
Germany and Europe
Export and
Project
Finance
Financial
Cooperation
Advisory and
Other Services

9. KfW Group - New Law on KfW
Implementation of EU Understanding of March 2002
Specification of KfW‘s mandate concerning promotional activities
Clear and concise separation of promotional and commercial business
Spin-off of commercial export and project finance business by December 31, 2007, into a legally independent subsidiary without federal guarantee and government privileges  KfW IPEX-Bank

10. KfW Group - New Commitments 2003 Total New Commitments: € 72.2 billion
KfW IPEX-Bank € 11.4 bn
KfW Promotional Bank € 27.7 bn
Securitisations € 21.9 bn
DEG € 0.5 bn
KfW SME Bank € 9.1 bn
KfW Development Bank € 1.6 bn

11. KfW IPEX-Bank

12. Portfolio Total Volume as of Dec. 31, 2003: € 66.4 billion*
Rail & Road 15%
Aviation 20%
Shipping 15%
Air- and Seaports, Construction Industries 3%
Telecom- munications/ New Media 6%
Power, Renewables and Water 19%
Basic Industries &
Manufacturing Industries, Commerce, Health
22%
* incl. domestic project/structured finance

13. New Commitments 2003 Total Volume as of Dec. 31, 2003: € 11.4 billion*
Rail & Road 1.7 bn
Aviation 1.7 bn
Shipping 1.7 bn
Air- and Seaports, Construction Industries 0.7 bn
Telecom- munications/ New Media bn
Power, Renewables and Water 1.9 bn
Basic Industries &
Manufacturing Industries, Commerce, Health
3.1 bn
* incl. domestic project/structured finance

14. PARTNER IN NATURAL RESOURCES FINANCING
KfW IPEX-Bank
PARTNER IN NATURAL RESOURCES FINANCING

15. KfW IPEX-Bank KfW IPEX-Bank extends long-term loans to finance
exports of capital goods and related services
direct investments
projects to secure supply of natural resources
which are of interest to the German economy and the European integration.

16. Country Commitment Outstanding
KfW‘s total West African Exposure Commitment and Outstanding Amounts (Mio. EUR)
Country Commitment Outstanding
Ghana
Kamerun
Ivory Coast
Benin
Angola
Nigeria
Guinea
Namibia
Kongo
Gabun
Guinea-Bissau
Total

17. KfW‘s major involvement in Africa through the KfW Development Bank & KfW IPEX Bank
KfW Development Bank Sectors
Infrastructure
Finance
Agriculture
Public Health
KfW IPEX Bank Sectors
Natural Resources
Telecommunication
Aviation
Industry
Ship Financing
KfW Banking Group Commitment in Western and Northern Africa in 2003
Tunesia 119 Mio. Kamerun 12 Mio.
Ghana 29 Mio. Senegal 5 Mio.
Angola 20 Mio. Benin 5 Mio.

18. KfW IPEX - Selective Approach Commitments (Mio. EUR)
Natural Resources 69 Mio Mio.
Telecommunications 23 Mio Mio.
Aviation 5 Mio. 8 Mio. 5 Mio.
Ship Financing 7 Mio Mio.
Total 104 Mio. 8 Mio Mio.

19. KfW IPEX-Bank Natural Resources
Financing criteria
Stable cash flow
Financially strong, experienced sponsors
Established, stable legal system in the project country
Offshore account and completion guarantee
Compliance with high environmental standards
Minimum project size
Rich resource deposits
Tried and tested technology
Protection against political risk (if necessary)

20. KfW IPEX-Bank Approval Procedure Project Finance
1. Credit appraisal on the basis of a bankable feasibility study
2. Start of loan negotiations (Term Sheet)
3. Management board decision
4. If applicable, application for federal guarantee / ECA cover
5. Supervisory board approval (> EUR 50 million)
6. Decision on ECA cover
7. Conclusion of contract

21. Natural Resources, Oil & Gas Pulp and Paper, Building Material, Steel
Contacts
Holger Apel (2548) Senior Vice President Basic Industries Team Assistant: Christina Komini (4778)
X 1 a1
X 1 a2
X 1 a3
Dr. Jan Klasen (2481)
First Vice President
Lars Oermann (3948) Martin Schubert (4486) Patrick Kreutzer (4246) N.N. N.N.
Matthias Wietbrock (3522)
First Vice President
Ulrich Goretzki (2884)
First Vice President
Natural Resources, Oil & Gas
Pulp and Paper, Building Material, Steel
Petrochemicals
Jochen Eichmann (1849) Dr. Stefan Glock (4733) Donata Kozinska (3642) Waltraud Wolff (2220) N.N.
Dirk Sindermann (2257) Margrit Nzuki (2474) Hartmut Troschel (2243) Dr. Victoria Hottenrott (3810) Stephan Pueschel (4649)