PRICING SUPPLEMENT	Filed pursuant to Rule 424(b)(3)
(To Prospectus Supplement dated April 9, 2007	Registration No. 333-141868
and Prospectus dated April 9, 2007)

KfW, Frankfurt/Main, Federal Republic of Germany

U.S. $250,000,000 5.125% Callable Notes due November 14, 2012

CUSIP: 48245ABH3
ISIN: US48245ABH32

     Investing in the Notes involves certain risks that are described in the “Risk Factors” section in the Prospectus Supplement.

	Price to	Discounts and	Proceeds,
	Public(1)	Commissions	before expenses to KfW
Per Note	100.0%	—	100.0%
Total	U.S.$250,000,000	—	U.S.$250,000,000

(1) Plus accrued interest, if any, from the Interest Commencement Date specified below, if the notes are delivered after that date.

     The Dealer named below expects to deliver the notes to investors on or about November 14, 2007.

     Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined whether this pricing supplement or the related prospectus supplement or prospectus is truthful or complete. Any representation to the contrary is a criminal offence.

GOLDMAN, SACHS & CO.

OCTOBER 23, 2007

ABOUT THIS PRICING SUPPLEMENT

     This pricing supplement supplements the accompanying prospectus supplement dated April 9, 2007 relating to KfW’s Medium-Term Note Program and the accompanying prospectus dated April 9, 2007 relating to KfW’s debt securities. If the information in this pricing supplement differs from the information contained in the prospectus supplement or the prospectus, you should rely on the information in this pricing supplement.

     You should read this pricing supplement along with the accompanying prospectus supplement and prospectus. All three documents contain information you should consider when making your investment decision. You should rely only on the information provided or incorporated by reference in this pricing supplement, the prospectus and the prospectus supplement. We have not authorized anyone else to provide you with different information. KfW and the dealer are offering to sell the notes and seeking offers to buy the notes only in jurisdictions where it is lawful to do so. The information contained in this pricing supplement, the accompanying prospectus supplement and prospectus is current only as of this date, and information incorporated by reference is current only as of the date of such information.

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SPECIFIC TERMS

Issuer: KfW	Title of Securities:	U.S. $250,000,000 5.125% Callable Notes Due November 14, 2012
Aggregate Principal Amount: U.S. $250,000,000	Interest Rate: 5.125 % per annum
Original Issue Date: November 14, 2007	Maturity Date: November 14, 2012
Interest Commencement Date: November 14, 2007	Final Redemption Price: 100%

Payments:

First Interest Payment Date: May 14, 2008

Interest Payment Date(s): semi-annually in arrears on May 14 and November 14 in each calendar year from and including May 14, 2008 up to and including the Maturity Date

Redemption:     þYes     oNo

Redemption Commencement Date (as provided in para. 3 of §7 of the Conditions): N/A

Redemption Date (as provided in para. 2 of §7 of the Conditions): November 14, 2008

Minimum Redemption Notice Period: 10 New York Business Days

Redemption Price (expressed as a percentage of the Aggregate Principal Amount to be redeemed): 100%

Repayment:     o Yes     þ No

Repayment Date(s): N/A

Minimum Repayment Notice Period: N/A

Repayment Price (expressed as a percentage of the Aggregate Principal Amount to be repaid): N/A

Specified Currency: U.S. dollars for all payments unless otherwise specified below:

Payments of principal and any premium: ___

Payments of interest: ___

Authorized Denomination: U.S. $1,000

Exchange Rate Agent: N/A

Original Issue Discount Note (“OID”):     o Yes     þ No

Total Amount of OID: N/A

Yield to Maturity: N/A

Initial Accrual Period OID: N/A

Day Count Fraction: 30/360 (as provided in para. 2 of §3 of the Conditions)

Business Day Convention: Following Business Day Convention; no adjustment of interest (as provided in para. “Payments due on a Business Day” of §5 of the Conditions) (unless otherwise specified: ___)

Other Terms of Notes:

N/A

     Terms left blank or marked “N/A,” “No,” “None” or in a similar manner shall not apply to the issue of Notes except as may otherwise be specified.

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