What we have achieved
Together with our employees, we can look back on a very successful 2019 financial year. KfW IPEX-Bank reached a historic peak, with new commitments of EUR 22.1 billion for export and project finance benefitting the German and European economies – including EUR 3.5 billion for bank refinancing under the CIRR ship and ERP export financing schemes.
We are particularly proud of such a good financial year as we achieved these results despite the economic and political challenges that the world is facing and with significant investment pressure on banks and institutional investors. In spite of such adversity, we were very successful in fulfilling our mission to support German and European companies involved in the export economy on global markets.
In addition to providing export finance for key industrial sectors, KfW IPEX-Bank focused on infrastructure projects and projects aimed at securing Europe's supply of raw materials. Last year there was a noticeable increase in environmental awareness in large parts of the world, and this is reflected – as in previous years – in our extensive involvement in financing for environmental and climate protection measures. In doing this, we are making an important contribution to growth, prosperity and employment and to energy transition and are thus helping to ensure a liveable, sustainable future.
This is impressively demonstrated by new commitments totalling EUR 3.2 billion from the Power, Renewables and Water sector department, which in 2019 provided financing for numerous onshore and offshore wind farms and LNG-to-power projects, emphasising our commitment to supporting the energy sector with the transition and to developing country-specific solutions together with customers and business partners. Conventional energy projects nevertheless remain important, as they are needed to offset seasonal fluctuations and weather-dependent technologies and to ensure security of supply.
We also underpinned our strong position in the Maritime Industries sector department with new commitments of EUR 3.1 billion. A large proportion of these funds will be used to help mitigate impact on the climate, by fitting commercial and cruise ships with relatively low-emission and energy-efficient LNG engines and by building up the necessary infrastructure with financing for LNG transport ships, for example.
From KfW’s Export and Project Finance business sector – for which KfW IPEX-Bank is responsible – we also contributed EUR 499 million to KfW’s consolidated earnings in 2019, affirming our role as one of KfW’s main sources of earnings. We therefore played an active part in securing KfW Group’s long-term promotional capacity.
We would like to thank all our employees in Germany and abroad for what we have achieved. They work with dedication and skill to meet our clients’ needs and help them carry out their projects around the world, as well as ensuring the ongoing development of our bank as a leading, reliable and sustainable specialist bank. We would also like to thank the Board of Supervisory Directors for its close cooperation, as well as KfW’s organisational units that work with us and on our behalf. We have achieved a great deal together, and we want to continue to accomplish a great deal together in the years to come. We are striving to expand our position organically as a specialist bank and competent partner to the German and European economies. In the future, we will continue to actively incorporate our sector, structuring and country expertise into our financings, to take on leading roles and to involve other banks and institutional investors even more, setting a strategic course that will increase KfW Group’s earnings potential in the long term and will enable KfW to more effectively implement its statutory mission to support the economy both in Germany and elsewhere in Europe.
We will continue to do this worldwide in 2020 from our headquarters in Frankfurt, together with our representative offices and our branch in London. We will also have our new representative office in Bogotá, which will enable us to provide even better support for the German and European export economies with our expertise in local markets in the region.
Despite the forthcoming challenges and uncertainties resulting from the spread of Coronavirus and its direct and indirect economic consequences, we are confident and enthusiastic about the new 2020 financial year and look forward to working with you.
The information contained in this online Annual Report 2019 is based on KfW IPEX-Bank’s Management Report 2019, which you can download . Should this online Annual Report 2019, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Management Report, KfW IPEX-Bank’s Management Report 2019 takes priority.