Flags of NATO, European Union and Germany

    News

    Handling of security and defence financing by KfW Group

    For decades, KfW has been making important contributions to crisis prevention and peaceful conflict management, as well as to Europe's strategic autonomy and resilience. It supports the EU's sovereignty in terms of defence and thus also the security and defence industry (SDI) in Germany and Europe. KfW financing offers are therefore open to the SDI sector. KfW openly examines SDI financing requests.. Mandated transactions are also possible in this area.

    KfW is committed to a responsible framework and excludes the financing of the production and trade of weapons classified as controversial or important components thereof. Financing remains strictly bound to German and European export controls, sanctions, and human rights checks.

    In this way, KfW makes a concrete contribution to strengthening Europe's strategic autonomy, including in the area of security and defence:

    • Domestic promotion
      SDI companies and their suppliers can take advantage of all domestic KfW funding programmes aimed at businesses. This applies to both the commercial programmes offered by the SME Bank (“Mittelstandsbank”) and customised financing for corporates. Areas of promotion include innovation and competitiveness, start-ups and corporate investments, environment and sustainability, as well as energy efficiency and renewable energies.
    • KfW IPEX-Bank: Project and export financing
      KfW IPEX-Bank is open to German and European SDI companies and their customers with its entire range of financing products. As a commercial bank, KfW IPEX-Bank offers investment, guarantee, and export financing in its business segments (Industries and Commerce, Infrastructure, Mobility, Energy), the latter also with the possible inclusion of government guarantee products. Geographically, KfW IPEX-Bank is not restricted in its export financing and guarantee activities for German and European SDI companies, but its financing activities are aligned with the security and defence policy interests of the German Federal Government. In the area of corporate financing, the focus remains on Germany and Europe.
    • KfW Capital: Start-up financing via venture capital funds
      As part of its fund investments, KfW Capital also offers indirect financing for start-ups operating in the dual-use sector as well as in the weapons and ammunition sector. Geographically, portfolio companies whose products focus on military use are limited to those based in the EU, Norway, Switzerland, or the United Kingdom.

    As of 4 November 2025

    European promotional institutions and EIB join forces to support EU security and defence

    Logos of the five major European promotional banks and the EIB
    The five national promotional banks of France (CDC), Germany (KfW), Italy (CDP), Poland (BGK) and Spain (ICO) and the European Investment Bank (EIB)
    • National promotional institutions of France, Germany, Italy, Poland and Spain as well as EIB explore ways of stepping up cooperation and coordination in support of Europe’s security and defence industry.
    • Cooperation to foster pan-European approach in areas such as research, industrial capacity, and infrastructure.

    The national promotional institutions of France, Germany, Italy, Poland and Spain as well as the European Investment Bank (EIB) will cooperate to bolster Europe’s security and defence industry. The six long term investors – Caisse des Depôts, Kreditanstalt für Wiederaufbau (KfW), Cassa Depositi e Prestiti (CDP), Bank Gospodarstwa Krajowego (BGK) and Instituto de Crédito Oficial (ICO) and the EIB – agreed to further explore cooperation opportunities.

    The cooperation will focus on areas of investment and on potential joint financing in sectors such as research and development, industrial capacity, and infrastructure.

    The agreement reached today in Warsaw – in the margins of the European Association of Long-Term Investors (ELTI) CEO meeting hosted by BGK – marks a significant step to further boost and reinforce the collaboration between the national promotional institutions and the EIB in supporting Europe’s security and defence infrastructures, technologies and industrial capabilities.

    The initiative, which may also explore the development of potential joint collaborations, including on financial products and advisory services, is a pan-European approach to strengthening European security and defence. It is open to additional European long-term public investors, in particular national promotional institutions all over Europe, and it is part of increased efforts to strengthen the EU and tackle evolving security threats amid significant geopolitical shifts.

    Background information

    About the Caisse des Dépôts Group

    Caisse des Dépôts and its subsidiaries form a public long-term investor group serving the general interest and economic development of local areas.

    It combines five areas of expertise: social policy (pensions, professional training, disability, old age, health), asset management, monitoring subsidiaries and strategic shareholdings, business financing (with Bpifrance) and Banque des Territoires.

    caissedesdepots.fr/en

    LinkedIn, Facebook, Instagram, Youtube

    Cassa Depositi e Prestiti is the National Promotional Institution which has been supporting the Italian economy since 1850. The main goal of CDP is to accelerate the industrial and infrastructural development of Italy to boost its economic and social growth. CDP focuses its activities on sustainable development at local level, supporting the innovation and growth of Italian enterprises, also in the international arena. It partners local authorities, in a financing and advisory capacity, to create infrastructures and improve services of public value. CDP also participates actively in international cooperation initiatives to realize projects in developing countries and emerging markets. Cassa Depositi e Prestiti is entirely financed by private capital, through the issuing of Postal Savings Bonds and Postal Savings Passbooks, and through issues on national and international financial markets.

    CDP Media Relations

    | tel: +39 06 42213990

    Website: www.cdp.it

    Follow us on: LinkedIn, X, Facebook, Instagram, Youtube

    About the EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances investments in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe.

    High-quality, up-to-date photos of the organisation’s headquarters for media use are available here.

    Press contacts

    Serena Sertore | | tel.: +352 437 970 859

    Website: wwww.eif.org/ | Press Office: +352 4379 21000 —

    About ICO

    Instituto de Crédito Oficial (ICO) is the national promotional bank of Spain, attached to the Ministry of Economy, Trade and Enterprise. ICO has become a benchmark in financing both SMEs and large investment projects and contributes to sustainable growth by promoting economic activities that, due to their social, cultural, innovative or environmental importance, are worthy of promotion and development. www.ico.es

    ICO Media relations

    / tel: +34 91 5921641

    website: www.ico.es

    About KfW

    KfW is one of the world’s leading promotional banks. With its decades of experience, KfW is committed to improving economic, social and environmental living conditions across the globe on behalf of the Federal Republic of Germany and the federal states. To do this, it provided funds totalling EUR 112.8 billion in 2024 alone. Its financing and promotional activities are aligned with the 2030 Agenda of the United Nations and contribute to achieving the 17 Sustainable Development Goals (SDGs) around the world.

    Press contacts

    Armin Kloß / | tel.: +49 69 7431 3073

    Website: www.kfw.de/newsroom Follow us on: X, YouTube, XING, LinkedIn, Instagram

    About Bank Gospodarstwa Krajowego

    Bank Gospodarstwa Krajowego (BGK) is a Polish development bank, the only such institution in Poland. BGK supports the sustainable social and economic development of the country. Its activities influence job creation, housing construction, infrastructure development and air quality improvement. The bank cares about future generations - it builds social capital, develops entrepreneurship and provides responsible financing. It is present in every region of Poland, as well as abroad - it has representative offices in Brussels, Frankfurt am Main and Kyiv. The bank is involved in the implementation of European Funds in Poland, as well as products financed by the National Recovery and Reconstruction Plan. BGK supports exports and foreign expansion of Polish companies. Through cooperation with business, the public sector and financial institutions, it responds to economic needs and undertakes a range of initiatives promoting sustainable development.

    Press contacts

    Eliza Więcław ; tel. +48 509 692 352

    As of 6 June 2025

    FAQ