German shipbuilding counts on KfW IPEX-Bank
Frankfurt am Main (ots) - KfW IPEX-Bank again provided significant support to the German shipbuilding industry in 2010 by extending financing for 19 ships for export. With its many years of experience and structuring competence as one of the largest ship financiers in the world, KfW IPEX-Bank substantially contributed to winning export contracts with a total volume of EUR 2.4 billion. In terms of new ships, these involve special vessels with innovative technology such as ferries, cruise ships, offshore ships and cargo ships with the highest ice class.
In this way, along with supporting mainly medium-sized enterprises in the difficult environment of German shipbuilding, KfW IPEX-Bank also made a substantial contribution to securing jobs in an innovative industry sector: 34,000 employees now have planning reliability for another year, 6,700 of which work directly in the shipyards.
"The basis prerequisite for our financings were the respective federal guarantees of the export credit insurance. Based on this we were able to successfully employ our structuring competence as one of the leading ship financiers in the world and thereby contribute to supporting the German export industry and securing jobs," summarised Christian K. Murach, Member of the Management Board of KfW IPEX-Bank.
About KfW IPEX-Bank
Within KfW Bankengruppe KfW IPEX-Bank is in charge of international project and export finance. It is responsible for providing financing to support the German and European economy, a task derived from the legal mandate assigned to KfW Bankengruppe. Its prime focus is on medium and long-term lending to boost the export economy, develop economic and social infrastructure and support environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of KfW Bankengruppe. It has 535 employees (as of 31 December 2010) and is represented in the key economic and financial centres around the world.
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
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