London: German bank KfW IPEX-Bank has added €1.4bn in commitments to shipping finance over the past year, according to its annual report for 2014.
KfW IPEX-Bank manages the CIRR [commercial interest reference rate] ship financing programme on behalf of the German government. The programme aims to support German shipyards’ ability to compete globally, and to strengthen Germany as a shipbuilding location.
Including these shipping commitments, the financier generated new commitments of €15.4bn in its original lending business in 2014, compared to €13.7bn in 2013. This fund provides support to German and European exporters.
“The high volume of new commitments was far greater than we expected. It testifies to the robustness and strength of our business model,” said Klaus R. Michalak, CEO of KfW IPEX-Bank, said in a statement.
“In all our sector departments we systematically took advantage of the market opportunities that presented themselves during the year. We provided our structuring expertise in syndicated financing not only to our customers but also to other banks, and assumed a range of banking roles within various club deals.”