'Despite considerable economic challenges and dynamic geopolitical developments, KfW IPEX-Bank can look back on a good financial year,' said Belgin Rudack, who took over as CEO April 1.
$18.1b in new commitments
'We are underpinning KfW IPEX-Bank's excellent market position as a partner to German and European industry and business with new commitments of €18.1 billion. We have been able to help our customers make substantial investments even in difficult times,' she said.
Of these new commitments, €17.5b (2021: €13b) related to original lending business and €0.6b (2021: €0.6b) to funds for bank refinancing under the Commercial Interest Reference Rate ship financing, ERP CIRR export financing and Africa CIRR export financing programs. All of KfW IPEX-Bank’s sector departments made an important contribution to the bank’s result.
Genting HK ship arrests and sales
During 2022, the bank was involved in ship arrests and sales related to the collapse of Genting Hong Kong.
Apart from this, KfW IPEX-Bank focused on helping existing customers invest in the future and supporting them in their respective transformation journeys. New commitments totalling €2.8b were made in the Power and Environment sector department, with a large part committed to energy transition projects such as wind farms or alternative energy generation.
Financing in the mobility sector accounted for new commitments of €2.6b, with a focus on zero-emission and emission-efficient drive technologies. Besides the restructuring of the energy sector and the transport transition, KfW IPEX-Bank is also concerned with digital transformation. For example, a total of €1.9b was committed to fiber-optic projects in Germany and Europe to help actively shape the digital society.
Export and Project Finance lending
The volume of lending in the Export and Project Finance business sector amounted to €71.1b at year-end 2022, up from €68.5b in 2021.
The full annual report, initially available only in German, is here.
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