МОДЕЛЬ БІЗНЕСУ НІМЕЦЬКОГО БАНКУ РОЗВИТКУ KFW

An analysis of the German development bank’s business model indicates that KfW does not compete with commercial banks that are partners for it. That is, his business is based on the fundamental principle of subsidiarity. Thus, the National Development Bank helps to eliminate the shortcomings of the market mechanism, and among the priorities is the support of small and medium-sized businesses. Despite the global nature of its activities, 84% of the bank’s operations account for the national economy, and a significant part of international projects is aimed primarily at supporting the economic interests of the national producer. With very few exceptions, such as municipal financing, KfW does not interact with the client directly, but supports intermediary banks and assumes risks by offering financing that would notbe available or at least not provided in the absence of such a development bank. conditions. KfW loans complement banks’ loan offers and make possible projects that would not have been implemented without this contribution. The example of Germany makes it clear what exactly should be an acceptable national development bank for Ukraine: such an institution has clear mandates, well managed to perform its functions, to achieve maximum impact on development, not profit, but providing a sufficient profit margin for investment attractiveness, coverage possible losses and expansion of operations. Such an institution is able to ensure the independence of national economic policy. (industrial, investment, infrastructure and financial inclusion). The key challenge is the ability of the national development bank to work effectively with private financial institutions and investors, regional and multilateral