Press Release from 2023-01-31 / Group, Investor Relations, Domestic Promotion

KfW Chief Executive Officer Stefan Wintels: Transition to a climate-friendly, digital and resilient Germany has begun

  • KfW supports economic stabilisation and transformation in Germany
  • An exceptional year in 2022: KfW business volume at a historically high level of EUR 166.9 billion (2021: EUR 107 billion)
  • Exceptional promotional business volume in Germany EUR 136.1 billion (2021: EUR 82.9 billion)
  • Energy security and Ukraine war: a total of EUR 58.3 billion in transactions mandated by the Federal Government
  • Volume of business at KfW IPEX-Bank increased to EUR 18.1 billion (2021: EUR 13.6 billion)
  • Increase in funding for developing countries and emerging economies to EUR 12.6 billion – EUR 8.2 billion for climate and environmental protection
  • KfW Capital: Commitments grow by 151% to EUR 1.3 billion

2022 was a year of great challenges. Multiple crises placed politics, the economy and society under a lot of pressure. Nevertheless, we can see the start of a structural transformation in Germany. With its funding, KfW made an intensive contribution to overcoming these challenges. At the same time, with its transformation agenda KfWplus, it took important steps on the path to becoming a digital transformation and promotional bank.

"KfW’s figures show the major challenges Germany and Europe are currently facing. For 2022, KfW reports a new business volume of EUR 166.9 billion: an all-time high. We are in a particularly challenging situation, one in which KfW will provide support using all available means. The transition to a climate-friendly, digital and resilient Germany has begun. There are already many small and larger projects that show that Germany has the energy and the strength to push ahead. I am therefore cautiously optimistic about the future, and have great confidence that Germany is strong enough to reinvent itself where necessary. After this exceptional year, our focus will be on providing targeted support where structural change needs significantly more impetus and where we effectively support entrepreneurial action as well as the plans of private households and municipalities.", said Stefan Wintels, Chief Executive Officer of KfW Group.

In 2022, KfW’s promotional business volume rose by 56% to EUR 166.9 billion (2021: EUR 107 billion). The reason for this is the large volume of mandated transactions amounting to EUR 58.3 billion, in connection with ensuring the energy supply in Germany, including the short-term emergency aid for gas and heat for December instalment payments.
Domestic promotional business recorded a very strong business year with a promotional volume of EUR 136.1 billion (2021: EUR 82.9 billion). KfW once again provided the German Federal Government with notable support. In addition to measures to ensure the energy supply in Germany, the high demand for federal funding for efficient buildings accounted for a large share of the domestic promotional business volume at EUR 37.4 billion in the first half of the year

Furthermore, the priority area of climate change and the environment also saw a significant increase at EUR 19.5 billion (2021: EUR 12.3 billion; 2020: EUR 7.4 billion). KfW is thus making a significant contribution regarding the transition of the economy towards renewables and energy independence, as well as to economic stabilisation in Germany.

KfW Capital’s commitments for start-ups and young, innovative technology companies in Germany rose significantly in 2022 by 151% to around EUR 1.3 billion (2021: EUR 502 million).

The Export and project finance business sector recorded new commitments of EUR 18.1 billion (2021: EUR 13.6 billion), a significant recovery in business volume. In this way, it made an important contribution to supporting the German and European economy in a market environment characterised by challenges. In particular, it contributed to the transformation of the economy by financing fibre-optic projects as well as wind farms and photovoltaic systems.

Commitments in the promotion of developing countries and emerging economies reached a record level of just under EUR 12.6 billion. Of this total, around EUR 11 billion was committed by KfW Development Bank. In this way, KfW is also contributing to stability and cooperation on global issues of the future on an international level. The new PtX platform for the market development of green hydrogen as well as newly established energy partnerships with key emerging economies must be highlighted in the context of global environmental protection and an accelerated energy transition. Against the backdrop of very challenging global conditions, DEG with EUR 1.6 billion recorded an increase in its commitments in developing and emerging economies (2021: EUR 1.5 billion).

The KfW year in detail

1. SME Bank and Private Clients

The SME Bank and Private Clients business sector achieved a positive result at the end of the year with a promotional business volume of EUR 64.8 billion (2021: EUR 73.0 billion).

SME Bank segment

The SME Bank accounted for EUR 33.1 billion (2021: EUR 29.6 billion) of the promotional business volume. The increase compared to the previous year is mainly due to the high level of commitments in Federal Funding for Efficient Buildings. Demand for the coronavirus aid programmes initiated by the German Federal Government, which were still committed until the middle of the year, continued to decline in 2022. To support German companies affected by the Ukraine war, KfW launched the UBR special programme at the beginning of May 2022. Demand for it, however, has only been very modest with a volume of EUR 148.3 million.

Start-ups and corporate investment

In the priority area of start-ups and corporate investments, loans with a promotional business volume of EUR 11.6 billion (2021: EUR 16.2 billion) were committed. The declining volumes were due to the falling demand for coronavirus aid programmes: in 2022, this amounted to EUR 3.5 billion (2021: EUR 9.0 billion). The rest of the general corporate and start-up financing programmes provided the companies with the support they needed in light of the difficult economic situation. The ERP promotional loan for SMEs, which was newly introduced at the beginning of the year, was particularly popular at around EUR 5.4 billion. Furthermore, the offer of the start-up platform is being very well received with almost 3 million visitors and nearly 90,000 registered users. In 2022, new special target group offers were created on the platform to support “green start-ups” and “start-ups by women”. A total of 15,000 start-ups with approximately 36,000 jobs were supported via the start-up platform in 2022. At least 7% of start-ups would not have survived the first year without preparation by the start-up platform.

Climate change and the environment

The priority area of climate change and the environment became particularly important in 2022. With a commitment volume of EUR 19.5 billion (2021: EUR 12.3 billion), KfW made a significant contribution to the transition of the economy towards renewable energies and energy independence. The main drivers were the Renewable Energies programme, which with a commitment volume of almost EUR 7.1 billion enjoyed a record year (2021: EUR 3.9 billion), as well as the Federal Funding for Efficient Buildings at EUR 10.6 billion (July 2021-December 2021: EUR 5.5 billion).


The priority area of innovation was able to boost the promotional business volume in 2022 to EUR 1.9 billion (2021: EUR 1.1 billion). The increased commitment volume is largely due to higher commitments in ERP Digitalisation and Innovation Loan.

Private Clients segment

With a promotional business volume of EUR 31.7 billion, the Private Clients segment remained at a high level (2021: EUR 43.4 billion). The commitment volume in the previous year was high due to the commitments characterised by pull-forward factors in the Energy-efficient Construction and Refurbishment product family and in relation to the Federal Funding for Efficient Buildings. Despite strong demand for the Federal Funding for Efficient Buildings in 2022, with commitments of EUR 25.8 billion, the previous year’s figure could not be achieved.

Energy efficiency and renewables

The priority area of energy efficiency and renewable energies recorded a total commitment volume of EUR 25.8 billion (2021: EUR 35.2 billion).

Residential and housing

As of 31 December 2022, commitments amounting to EUR 4.1 billion were made in the priority area of residential and housing. This is a reduction on the previous year (2021: EUR 6.1 billion), which is attributable to the sharp rise in interest rates in 2022 and the general decline in the real estate market.


Commitments in the priority area of education amounted to EUR 1.9 billion as of 31 December 2022, roughly at the previous year’s level (2021: EUR 2.0 billion). The product adjustments implemented as part of the coronavirus measures in the KfW Student Loan expired at the end of September 2022. In addition, the flagship project “TUMO Berlin”, which was launched by KfW in 2020, with 1,000 active children and young people per week most recently in 2022, is increasingly proving to be a resounding success. The TUMO centre gives children and young people access to practical and creative STEM education. The goal of setting an example with TUMO Berlin and thereby initiating many other TUMO centres is now bearing fruit for the first time. More than three new centres are expected to open by the end of 2023 in Mannheim, Lüdenscheid and Bamberg/Hirschaid, among other locations.

2. Customised finance and public clients

In the Customised Finance and Public Clients business sector, the promotional business volume reached a value of EUR 70 billion in 2022. The volume of new business, which is heavily influenced by special transactions to secure Germany’s energy supply, is therefore many times higher than the previous year’s figure of EUR 9.5 billion.

Customised finance corporates

In customised finance of corporates, an exceptional commitment volume of EUR 54.6 billion (2021: EUR 0.3 billion) was recorded. In connection with the war of aggression against Ukraine, mandated transactions on behalf of the German Federal Government to support energy supply companies totalling more than EUR 54.2 billion were committed. Financing was committed in particular for procuring replacement gas, covering short-term liquidity requirements within the scope of “margining” (provision of collateral that is mandatory when trading in energy) and for financing the procurement of natural gas for achieving the statutory fill levels of gas storage facilities in Germany.

Municipal and social infrastructure

With a new business volume of EUR 11.2 billion, the programmes in the priority area of municipal and social infrastructure were also exceptionally strong (2021: EUR 4.6 billion). The sharp increase is due in particular to disbursements of the short-term emergency aid for gas and heat for December instalments on behalf of the German Federal Government (EUR 4.1 billion) and the special promotion of refugee facilities for municipalities. Furthermore, demand was remarkably high for the Federal Funding for Efficient Buildings for municipalities, for the Digital Infrastructure Investment Loan and for the newly introduced Sustainable Mobility Investment Loan.

Individual financing for banks and promotional institutions of the federal states

With a business volume of EUR 4.1 billion, customised finance for banks and promotional institutions of the federal states was below the previous year’s figure (2021: EUR 4.5 billion). Demand for general funding of promotional institutions of the federal states increased, amounting to EUR 2.8 billion (2021: EUR 2.0 billion), while commitments for global loans for lease investments and refinancing of export credits decreased at EUR 1.0 billion (2021: EUR 1.4 billion) and EUR 0.3 billion (2021: EUR 0.8 billion) respectively.

3. KfW Capital

Commitments in the KfW Capital business sector amounted to around EUR 1.3 billion in 2022 (2021: EUR 502 million). The significant increase of 151% can be attributed to various factors: On the one hand, KfW Capital was able to further expand the commitment volume in the ERP VC Fund Investment and ERP/Future Fund Growth Facility programmes as planned (to EUR 432 million, of which: ERP VC Fund Investment: EUR 187 million. Future Fund Growth Facility: EUR 245 million). In the previous year, the corresponding commitment volume of these two programmes amounted to EUR 298 million. On the other hand, the commitments of the GFF/EIF Growth Facility implemented from the Future Fund by the European Investment Fund using KfW’s fiduciary funds also increased significantly: While in 2021 around EUR 183 million was committed, in 2022, this figure totalled around EUR 474 million. In addition, a further EUR 312 million was committed in connection with the Future Fund. KfW Capital also invested EUR 40 million in High-Tech Start-up Fund IV. KfW Capital, as a 100% subsidiary of KfW, invests in European VC funds with the support of the ERP Special Fund and the Future Fund, which in turn finance innovative technology companies in Germany with at least the capital provided by KfW Capital.

4. KfW IPEX-Bank

The business volume at KfW IPEX-Bank – which is responsible for the Export and project finance business sector and provides financing to support German and European businesses on the global markets – significantly increased. New commitments totalling around EUR 18.1 billion were significantly higher than the previous year (2021: EUR 13.6 billion) and reached pre-coronavirus levels again. In doing so, it once again made an important contribution to supporting the German and European economies – often in syndicate cooperation with partner banks. In a market environment that continues to be characterised by challenges (incomplete recovery from the coronavirus crisis in combination with geopolitical upheavals), the very good performance of all sector departments is primarily responsible for this. The Industry and Services sector department accounted for the largest share at EUR 2.9 billion (2021: EUR 1.6 billion). Financing for fibre-optic projects amounting to a total of EUR 1.9 billion, which make a significant contribution to the expansion of digital infrastructure, is playing an increasingly important role here. The Power and Environment sector department came in second with EUR 2.8 billion in new commitments (2021: EUR 2.7 billion). This mainly included projects in the area of renewables, such as wind farms and photovoltaic systems, which emphasises KfW IPEX-Bank’s commitment to economic transition, environmental protection and climate change mitigation.

5. Promotion of developing countries and emerging economies

In the KfW Development Bank business sector, commitments rose significantly year-on-year (2021: EUR 8.6 billion) to around EUR 11 billion. Almost half of this amount was provided by the German Federal Government (EUR 5.4 billion), the other half by KfW funds (EUR 5.6 billion). Despite ongoing global crises, the promotion of a sustainable transformation remains the focus of Financial Cooperation. KfW Development Bank provided EUR 7.6 billion for projects in the area of climate change mitigation and environmental protection. These new commitments will save 11 million tonnes of CO2-equivalent in greenhouse gas emissions per year. The PtX platform set up on behalf of the Federal Ministry for Economic Affairs and Climate Action (BMWK) and the Federal Ministry for Economic Cooperation and Development (BMZ) should be highlighted. It is the first of its kind in the world to bundle promotional and financing instruments for investors to fund plants for the production of green hydrogen in non-European countries. Overall, this instrument is intended to mobilise investments worth billions. Other initiatives regarding the global energy transition/security included energy partnerships with India, Indonesia and South Africa for example. New commitments of EUR 811 million were made for Ukraine in 2022. In the war situation, the country is supported in maintaining its state functions (e.g. energy and water supply) and the care of internally displaced persons.

In the 2022 financial year, DEG was able to commit around EUR 1.6 billion in loan and equity financing for investments by private companies in developing countries and emerging economies under very challenging global conditions – in particular as a result of the war against Ukraine (2021: EUR 1.5 billion). In addition, EUR 487 million was mobilised from other investors (2021: EUR 507 million). For example, DEG arranged a loan of EUR 95 million for a financial institution in Kenya, with DEG’s share of the financing amounting to EUR 25 million. The funds are intended to expand the SME business and serve to better supply local companies with loans. DEG committed EUR 609 million in the area of environmental and climate protection.

From a regional perspective, most of the newly committed funds went to Asia at EUR 575 million (2021: EUR 499 million). This will finance renewable energy projects in Uzbekistan and Vietnam, for example. Companies in Africa and Latin America received around a quarter of the newly committed financing, followed by Europe and supra-regional projects. DEG continuously advised and supported its Ukrainian customers in 2022. For example, through its Business Support Services (BSS), it supported humanitarian aid programmes run by agricultural and tech companies on the ground.

6. Financial markets

KfW’s Financial markets business sector supported climate change mitigation and environmental protection by investing EUR 415 million in green bonds. The priority areas for funding were energy efficiency and renewable energies in Europe in particular. For 2023, KfW is again planning to make a new investment of EUR 480 million for its green bond portfolio.

In order to fund its promotional business, KfW raised funds totalling a record volume of around EUR 90 billion on the international capital markets in 2022. One focus was on the issue of euro bonds, which accounted for 65% of KfW’s total capital market refinancing (2021: 55%). Nevertheless, KfW remains the world’s second largest issuer in USD in its market segment with a volume equivalent to EUR 17 billion and a funding share of 19%. There were a total of 206 transactions in 13 different currencies. Making up around 12% of the funding, 20 “Green Bonds – Made by KfW” contributed EUR 10.6 billion. In total, KfW issued over EUR 55 billion in green bonds and is the second largest issuer in the world.

Outside of its regular promotional business, KfW provided bridge financing for energy supply companies as part of the Federal Government’s mandated transactions to ensure energy supply in Germany and Europe. KfW has been able to access funds from the Economic Stabilisation Fund (ESF) to refinance these mandated transactions since the beginning of November. A total of around EUR 20 billion had already been drawn from the ESF by the end of the year. Parts of the bridge financing provided by KfW to energy companies have already been repaid or redeemed by the Federal Government. As of 31 December 2022, outstanding net commitments to energy utilities amounted to EUR 42.4 billion.

Long-term funding via the capital markets of EUR 80 to 85 billion is planned for 2023. At least EUR 10 billion of this amount is to be raised by issuing large-volume green bonds in various currencies. The diversification of products and currencies guarantees continuity and flexibility to achieve the best possible funding results for KfW’s promotional business. As of 26 January 2023, the funding volume already exceeded EUR 14 billion.

Further information on KfW’s promotional business figures can be found at the following links:

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