KfW IPEX-Bank, which is responsible for the Export and Project Finance business sector within KfW Group, presented its annual financial statements for 2018, reporting an overall volume of lending of around EUR 66.6 billion at year-end.
“In 2018, we once again provided successful support to German and European companies on the global markets – thanks to our considerable structuring and industry expertise, we were able to hold our own on the market despite regional economic and political challenges, as well as intense competition, and granted new commitments totaling EUR 17.7 billion,” explained Klaus R. Michalak, CEO of KfW IPEX-Bank.
Volume of lending and commitments
The main driving forces behind the increase in the volume of lending from EUR 61.5 billion to EUR 66.6 billion included the above-average volume of export and project financing commitments in 2018, as well as the change in the euro-dollar exchange rate as against the end of the previous year, as around 45 percent of the loans granted by KfW IPEX-Bank are denominated in US dollars.
In its original lending business, KfW IPEX-Bank provided the German and European export industry with new loans amounting to EUR 17.0 billion (2017: EUR 12.1 billion), and there were also new commitments of around EUR 0.7 billion (2017: EUR 1.7 billion).
“The contribution made by our ‘Power, Renewables and Water’ sector was particularly noteworthy, recording new business of EUR 3.4 billion – a large portion of which was attributable to onshore and offshore wind farms. The results underscore our commitment to environmental and climate protection”, added Michalak.
KfW IPEX-Bank will be aiming to maintain its strong position as a specialist bank and provider of solutions to the German and European export industry in the future, too. In order to achieve this, it will continue to add value to financing projects for its business partners through its industry, structuring and regional expertise and work closely and trustfully with other banking partners.
“Despite global challenges, KfW IPEX-Bank is confident as it looks ahead to the new 2019 financial year. We are planning new commitments in the amount of EUR 16.6 billion,” was how Klaus R. Michalak summarised his expectations for the new reporting year.
Please find the 2018 Annual Report of KfW IPEX-Bank, including the 2018 Corporate Governance Report here.
Original source: KfW
Published on 12 April 2019