KfW IPEX-Bank’s lending to maritime industries increased by 3.5% last year to €14.7bn ($15.9bn).
The Frankfurt-based export bank’s total volume of lending grew to €78bn from €71.1bn.
“In 2023 the world was again shaken and challenged by multiple crises in politics, business and society: the ongoing war in Ukraine, Middle Eastern conflict reaching a new intensity and high inflation for much of the year with its consequences for global economic development,” the bank said. “At the same time, 2023 was a year of growth for KfW IPEX-Bank and also a year of organisational self-optimisation.”
The bank increased its new commitments to €24.2bn in 2023 compared with €18.1bn the previous year.
Chief executive Belgin Rudack said: “2023 was an outstanding year for KfW IPEX-Bank, with new commitments totalling €24.2bn. With our expertise and our team, we are transformation enablers.
“We support customers and partners financing their future-oriented projects in order to create a sustainable society.”
The bank said its involvement in significant projects and syndicate financing, where it offered its structuring expertise, contributed to its success.
There was a notable increase in demand for financing large investments in sustainable technologies, driven by a strong push to enhance Germany and Europe’s security of supply and digital infrastructure. Significant investments made in 2023 in the production of battery cells resulted in substantial initial commitments. These factors combined to elevate new commitments to record highs for the bank
Operating profit before risk provisions/valuations was €414m, up from €251m in 2022.
“We are convinced that together we will make optimal use of the tailwind resulting from the economic and social transformation process, in order to tap market potential for our customers worldwide. Many projects, large and small, are already underway that shows we have the strength and energy to see this through,” the bank added.
