KfW Bankengruppe, Germany’s promotional bank, will serve as an Independent Director in the ADFIAP Board of Directors (BOD) based on the affirmation of Board members attending the 74th BOD meeting on December 6, 2011 in Thimphu, Bhutan held in conjunction with the CEO Forum VIII. ADFIAP now has two Independent Directors, with the Business Development Bank of Canada (BDC) occupying the other seat. The ADFIAP constitution allows for three (3) Independent Directors from among non-voting members of the Association. Until further notice, Ms. Barbara Schnell, Division Chief, Financial and Private Sector for Asia, will represent KfW in the ADFIAP Board.
KfW’s relationship with ADFIAP dates back to 1979 when KfW was instrumental in the founding of the World Federation of Development Financing Institutions (WFDFI) wherein ADFIAP is a founding member. KfW http://www.kfw.de/kfw/en/index.jsp is one of the leading and most experienced promotional banks in the world. Established in 1948 as a public law institution, KfW is owned 80% by the Federal Republic of Germany and 20% by the federal states. As a promotional bank, KfW Bankengruppe applies its expertise and strength to sustainably improve the economic, social and ecological conditions of people´s lives in Germany and abroad.
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