The top four development banks in terms of clean-energy financing over 2007-2011 were: KfW (USD 98.3 billion), Chinese Development Bank (USD 45.1 billion), European Investment Bank (USD 41.9 billion) and BNDES (USD 34.7 billion). Together they contributed 81.8% of the USD 268.8 billion. In Chile pension funds played an important role in equity financing of privatised electricity companies in the 1990s; Walsh et al., As of July 2007, government short-term securities represented nearly 40% of total assets of the pension funds in Ethiopia, Kenya, Uganda, Cape Verde and Madagascar; Irving and Manroth, 2009.