KfW IPEX-Bank’s figures for the 2014 financial year, show that the financier providing support to German and European exporters, generated new commitments totalling €15.4 billion in its original lending business in 2014 (2013: €13.7 billion). In addition, there were new commitments of around €1.3 billion for bank refinancing within the CIRR ship financing scheme, a mandated business managed on behalf of the German Federal Government. “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. “In all our sector

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