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.