Instituto de Crédito Oficial (ICO), constituted in 1971, is a State owned bank attached to the Spanish Ministry of Economic Affairs and Competitiveness through the Secretariat of State for Economy and Business Support.

It has the legal status of a credit institution and is defined as the State’s Financial Agency. It has been entered in the Special Administrative Register of the Bank of Spain. By Royal Decree (706/1999), all ICO’s liabilities have an explicit, irrevocable, unconditional and direct guarantee from the Spanish State.

ICO’s purpose is to support and foster economic activities which contribute to the growth and the improved distribution of national wealth. These aims are pursued by ICO in its twofold function as : State-owned Bank and as State’s Financial Agency.

At a glance :

  • CEO : Pablo Zalba
  • Sherpa : Mario Buisan
  • Location : Madrid (Spain)
  • Website :

Owned by the 28 Member States of the European Union (EU), the European Investment Bank (EIB) uses its special expertise and resources to make a difference to the future of Europe and its partners by supporting sound investments which further EU policy goals.


As a public policy bank, its main priority is to promote European economic development and integration. Around 90 percent of its activity is within the EU, with a focus on six areas : supporting disadvantaged regions, small and medium-sized enterprises, innovation and human capital and projects in the environmental, transport and energy sectors. It also lends to EU partner countries around the world in support of EU development policy and economic partnership agreements. New loan signatures amounted to EUR 77 billion in 2014, of which EUR 69 billion was within the EU.


The EIB Group, which comprises EIB and the European Investment Fund (EIF) plays a crucial role for the “European Fund for Strategic Investments” (EFSI), which aims to unlock additional investment of at least EUR 315bn over the next three years. EFSI is endowed with a EUR 16 billion guarantee from the EU budget, complemented by an allocation of EUR 5 billion of EIB’s own capital. EFSI will allow the EIB Group to increase the volume of higher risk projects and address the market failure in risk-taking which hinders investment in Europe.


EIB lending activity is mainly funded via bond issuance in the international capital markets. EIB debt products are purchased by both institutional and retail investors internationally.


Thanks to the EIB’s ownership by all EU sovereigns, EIB bonds offer top quality diversified sovereign class exposure. EIB bonds have always been considered of the highest credit quality with a AAA-rating.


The strategy of the EIB is kept constantly under review by its shareholders. Each year, the EIB Board of Directors, made up of representatives of EU Member States

At a glance

Development bank of Japan Inc. (DBJ) is a financial institution wholly owned by the Japanese government, established in October 2008 (established formerly as Japan Development Bank in 1951). DBJ has the provision of long term funding for main business and played an important role in Japanese economic growth for over 50 years.

DBJ’s purpose is to conduct business activities utilizing the methods of combining investments and financing and other sophisticated financial methodologies, thereby contributing to the smooth supply of funds to those who need long term business funds (for regions, economic revitalization, renewable energies, quality of life), as well as to the sophistication of financial functions.

The scope of DBJ’s business operations is the following :

  • DBJ has continued to offer distinctive financial services through its integrated investments and loans, and will fulfill four key roles in financial and capital markets as it addresses the changes that are expected to take place in the socioeconomic environment.

(1) Reinforcing the functions of financial and capital markets(long-term perspective, large amounts, integrated investments and loans, neutrality) (2) Supporting industrial restructuring

  • Industry restructuring and revitalization
  • Regional restructuring
  • Community infrastructure enhancement, other

(3) Providing financial support in growth fields

  • Support for growth industries (environment-related, healthcare, others)
  • Support for overseas development, promotion of financing for inbound business to Japan Technical sophistication, other

(4) Providing a safety net for financial markets

  • Crisis response financing
  • Investment pursuant to Act on Special Measure for Industrial Revitalization
  • DBJ raises funds in a stable manner by borrowing from the government’s Fiscal Investment and Loan Program (FILP) and by issuing government-guaranteed bonds, as well as corporate bonds (without government guarantees) and by taking out long term loans from the private sector.

At a glance :

  • President & CEO : Mr Hajime Watanabe
  • Sherpa : Mitsutaka Ozaki
  • Location : Tokyo
  • Website :

Caisse de Dépôt et de Gestion (CDG) is a financial institution created as a public entity in 1959 with the main task of receiving, preserving and managing savings resources which, by their very nature or origin, require special protection.

CDG holds 35% of the institutional savings stock and handles almost more than 100 billion MAD in managed assets. It is the leading investor in treasury securities with almost 50% of managed assets. A key role player in savings transformation process, CDG is also the major institutional investor.

In addition to its direct investments, CDG is an active player on the national economy scene through its many subsidiaries and institutions it manages. Together with these, CDG constitutes an important grouping whose activities extend to a host of different sectors. Today, and by virtue of its orientation, financial weight and the nature of its operations, CDG Group represents a true engine of development and plays a key role in stimulating, boosting and developing markets.

    Deposit Management Today CDG manages two categories of deposits :
    a) Institutional deposits from National Social Security Fund, National Savings Fund
    b) Optional deposits of other clients
    Pension Funds : CDG is active in the pension sector through two managed institutions, the National Pension and Insurance Fund (CNRA) and the Collective Retirement Benefit Scheme (RCAR)
    Top player on the financial Market : Since its creation, CDG has served as a powerhouse for the launch, development and stimulation of the capitals market in Morocco, namely as a purveyor of cash assets and leader in Casablanca stock market. Today the group continues to be one of the major market makers of the place.
    Stakeholder in Urban and Territorial Development Operations : Through its subsidiary CDG Developpement, CDG is a major national-level player in development operations in diverse fields of activity such as tourism, industry, or operations dedicated to lines of work associated with new technologies (offshoring), social housing, regional development and town policy.

CDG is considered as one of Morocco’s leading institutional investors. Since its creation, the group has gained a significant experience in financing structuring projects in various sectors of the Moroccan Economy.

At a glance

Fouded in 1850, Cassa Depositi e Prestiti is a joint-stock company under public control. It is a key partner for public entities, the development of infrastructure projects and the growth and international expansion of Italian enterprises.

CDP manages a major share of the savings of Italians – postal savings – which it uses to help support the growth of the country, providing financing to major strategic sectors : transportation networks and local public services, public building and social housing, energy and communication, support for SMEs and export finance, research and innovation, social housing, the environment and renewable energy.

Cassa Depositi e Prestiti works with major long-term international institutional investors to provide support for sustainable global economic growth : it participates in private equity funds, focused on transport and energy infrastructures in Europe and in the southern and eastern Mediterranean.

At a glance

The mission of the Caisse de dépôt et placement du Québec is to make profitable investments with the funds of public and private pension and insurance plans and organizations, while contributing to Québec’s economic development. These organizations are the Caisse’s ”clients”, which it calls its depositors. Created in 1965, the Caisse is today one of the largest institutional fund managers in Canada and North America. Our teams of specialized managers invest in numerous financial products, such as stocks and bonds, as well as in private equity and real estate. Investments are made in Québec, in Canada and on international markets, wherever attractive business opportunities can be found.

The Caisse de dépôt et placement du Québec invests the funds of its clients and strives to make profitable investments by using a range of financial products. These investments are made by teams of portfolio managers and financial analysts. They are supported by other finance specialists, including traders, economists, actuaries, accountants and lawyers. They invest assets under management in accordance with the performance objectives and risk limits established by each depositor.

The depositors are mainly Québec public or private pension funds and insurance plans. They deposit with the Caisse sums they administer on behalf of their contributors. The depositors are responsible for managing the programs and commitments for their contributors (employees, pensioners, beneficiaries, etc.) and for paying them directly their pensions and benefits. The Caisse is a fund manager. It does not administer any pension or insurance plan.

When managing a large portfolio the size of that of the Caisse, the notion of diversification is fundamental in order to : Take advantage of the returns offered by the different financial markets ; Ensure sound risk management ; Generate the returns depositors expect.

The Caisse makes sure its overall portfolio is well diversified by choosing an asset mix that reflects the investment decisions of all its depositors. The investment teams then pay special attention to the diversification of their respective portfolios by selecting the most promising securities, companies, sectors and countries. Overall, the Caisse’s investments are widely diversified in three ways : by investment type, by region of the world and by industrial sector. In exercising its profession, the Caisse acts as a responsible company as it believes that good governance practices, respect for the environment and a contribution to the community have a positive influence on company profitability and growth.

The Caisse has built up its reputation as an investor thanks to its leadership and its strong results over the long term.

At a glance

  • CEO : Michael Sabia pdfDownload CV53.11 KB
  • Sherpa : Yanick Desnoyers
  • Location : Montréal
  • Website :  

China Development Bank (CDB) was founded in 1994 as a policy financial institution under the direct leadership of the State Council. It was incorporated as China Development Bank Corporation in December 2008, and officially defined by the State Council as a development finance institution in March 2015.

CDB has a registered capital of RMB 421.248 billion. Its shareholders include the Ministry of Finance of the People’s Republic of China (36.54%), Central Huijin Investment Ltd. (34.68%), Buttonwood Investment Holding Co., Ltd. (27.19%) and the National Council for Social Security Fund (1.59%).

CDB provides medium- to long-term financing facilities that serve China’s major long-term economic and social development strategies. By the end of 2017, its assets grew to RMB 15.96 trillion, a balance of loans of RMB 11.04 trillion. We also further enhanced our sustainability and risk management, delivering a net profit of RMB 113,600 million, ROA of 0.75%, ROE of 9.45%, and capital adequacy of 11.57%. Professional credit rating agencies including Moody's and Standard & Poor's have rated CDB at the same level as China’s sovereign rate.

CDB is the world’s largest development finance institution, and the largest Chinese bank for financing cooperation, long-term lending and bond issuance.

CDB currently has 37 primary branches and 3 secondary branches on the Chinese mainland, one offshore branch in Hong Kong and 10 representative offices in Cairo, Moscow, Rio de Janeiro, Caracas, London, Vientiane, Astana, Minsk, Jakarta and Sydney, with about 9,000 staff. Its subsidiaries include CDB Capital Co.,Ltd., CDB Securities Co.,Ltd., CDB Leasing Co.,Ltd.,China-Africa Development Fund and CDB Development Fund.

At a glance
Chairman : Zhao Huan pdfDownload Biography84.16 KB
Location : Beijing
Website :

Placed under Parliamentary supervision and guarantee, Caisse des Dépôts is Europe’s only financial institution relying on the nation’s protection, a status that confers it with independence and autonomy. It is a Public Group made up of a Public Institution and subsidiaries.

Since 1816, CDC’s priority mission has been to "receive, conserve and render the values entrusted to us".

Caisse des Dépôts et Consignations (CDC) is a long-term investor at the service of public interest and economic development.

CDC and its subsidiaries constitute a State-owned group at the service of the public interest and of the country’s economic development. The said group fulfils public interest functions in support of the policies pursued by the State and local authorities, and may engage in competitive activities (Article L. 518-2 of the French Monetary Financial Code).


  • manages funds held in regulated savings accounts and invests these on a secure basis in projects in the public interest, particularly social housing,
  • acts as public banker to the judicial and social security systems,
  • manages public and semi-public pension schemes,
  • invests in regional and local development alongside local authorities,
  • acts as a long-term investor in the French economy,
  • participates in national economic development via its subsidiaries.

The 16 regional offices in mainland France and the overseas territories leverage all of the Group’s expertise and financing capabilities.

At a glance
CEO : Eric Lombard pdf.pngdownload biography.pdf
Sherpa : Laurent Zylberberg
Location : Paris
Website :

Who are we ?

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Caisse des Dépots et Consignations The China Development Bank
Caisse de dépôt et placement du Québec Cassa depositi e prestiti
Caisse de Dépôt et de Gestion Development Bank of Japan (DBJ)
European Investment Bank Instituto de Crédito Oficial (ICO)
Japan Bank for International Cooperation Kreditanstalt fur Wiederaufbau
LTIIA Ontario Municipal Employees Retirement System
Turkiye Sınai Kalkınma Bankası newVEBlogo
Polish Development Fund - Polski Fundusz Rozwoju  

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