KfW’s 2025 start-of-year press conference: KfW CEO Wintels: In 2025, the focus will be on Germany as a business location

• KfW aims to use at least EUR 500 million of its own funds in 2025
• As a bank committed to responsibility, climate action remains a key focus area for KfW
• All in all, another good promotional year in 2024: new business volume of EUR 112.8 billion slightly above prior year and clear upward trend in promotion for private customers

Frankfurt, Germany. In 2025, KfW intends to focus its business activities even more on strengthening the German economy’s competitiveness. In doing so, it is relying on its own financial strength. This was what Stefan Wintels, Chief Executive Officer of KfW, said at the annual start-of-year press conference today in Frankfurt.

Wintels said:

“KfW is strengthening its focus on Germany as a business location. In the coming years, we will examine our activities even more closely to see whether they provide impetus for Germany’s competitiveness. As a bank committed to responsibility, we are at the side of German industry and German SMEs."

As an example, Wintels cited grants and reduced-interest corporate loans for projects in the area of digitalisation/innovation. KfW also sees starting points in strengthening Germany as a financial hub and expanding its (energy) infrastructure.

The Chief Executive Officer pointed out the enormous pressure to improve the economic environment: “We need an investment offensive in our infrastructure and education, less red tape, and significantly improved regulatory and tax conditions. The main aim is to ensure that German companies are competitive on the international sales markets as well.” Although Germany is still among the top four worldwide in terms of patent applications, the location is losing market share in the global ranking.

As early as 2024, KfW not only provided extensive budget funds as part of its promotion but also used its own funds to fulfil its role as a bank committed to responsibility. In domestic promotional business, it has provided around EUR 500 million from its own funds in addition to passing on its favourable funding costs, primarily to improve the conditions of promotional products for customers and thus create an additional investment incentive. This medium three-digit million amount is the highest value in more than ten years. KfW plans to use own funds of at least this size in the current and coming years.

KfW also uses its balance sheet to a significant extent in its other business areas: KfW Capital’s equity financing amounted to EUR 380 million in 2024, KfW IPEX-Bank’s export and project finance as in 2023 amounted to around EUR 24 billion, and loans and investments from DEG funds reached a record level of EUR 2.5 billion.

KfW adheres to 1.5-degree target

At the same time, KfW’s Chief Executive Officer stressed that climate action efforts remain at the top of KfW’s agenda.

"As a responsible bank, the efforts against global warming and for the preservation of biodiversity remain a central focus of KfW,"

said Wintels, continuing:

"Climate protection is not only a commitment to future generations, but green technologies offer significant growth opportunities.”

Since 2017, KfW has already committed around EUR 350 billion for climate action and environmental protection financing, particularly in the German housing and building sector.

Strong 2024 promotional year

2024 was another strong year for promotional instruments at KfW. At EUR 112.8 billion, the volume of new business was close to the previous year’s level (2023: EUR 111.3 billion). Overall, domestic promotional business grew slightly to EUR 79.0 billion (2023: EUR 77.1 billion). The segments Private Clients (EUR 22.4 billion compared to EUR 18.8 billion), SME Bank (EUR 13.4 billion compared to EUR 20.4 billion), as well as Public Clients and Customised Finance (EUR 41.6 billion compared to EUR 35.9 billion) developed differently.

Internationally, KfW has a unique position to strengthen Germany’s competitiveness and resilience. KfW IPEX-Bank, DEG and KfW Development Bank business units are globally engaged and recorded a high level of new business in 2024. In detail: With new commitments of EUR 23.9 billion, KfW IPEX-Bank, which is responsible for the Export and project finance business sector, is roughly at the level of the previous year’s record volume of EUR 24.2 billion. In this way, it made an outstanding contribution to supporting the German and European economy in a market environment still strongly characterised by challenges.

Promotion of developing countries and emerging economies as a whole reached a commitment volume of EUR 10.3 billion (2023: EUR 10.9 billion). KfW Development Bank accounted for close to EUR 7.8 billion (2023: EUR 9.0 billion).

As a partner to private companies in developing countries and emerging economies, KfW’s subsidiary DEG was able to significantly increase its previous year’s record volume. It provided EUR 2.5 billion (2023: EUR 1.9 billion) for private investments in developing countries and emerging economies under globally challenging conditions. In addition, it mobilised EUR 583 million in private funds.

Commitments in the KfW Capital business sector amounted to around EUR 1.6 billion in 2024 (2023: around EUR 2.1 billion). For the classification of the figures, it is relevant that the high volume in the prior-year period resulted, among other things, from more intensive commitment activities by the European Investment Fund (EIF) as part of the Future Fund, which KfW Capital coordinates for the Federal Government.

KfW’s 2024 figures in detail

At EUR 112.8 billion, KfW’s new business volume was close to the previous year’s level (2023: EUR 111.3 billion). KfW’s overall domestic promotional business grew slightly to EUR 79.0 billion (2023: EUR 77.1 billion).

Specifically, the business sectors developed as follows:

1. Business sector SME Bank & Private Clients

The SME Bank and Private Clients business sector achieved a promotional business volume of EUR 35.8 billion as of 31 December 2024 (2023: EUR 39.1 billion).

Private Clients segment

With a promotional business volume of EUR 22.4 billion, the Private Clients segment significantly exceeded the previous year’s level (2023: EUR 18.8 billion). At EUR 14.4 billion, the main share is attributable to the priority area of energy efficiency and renewable energies (2023: EUR 12.3 billion). In the fourth quarter in particular, there was solid demand in the promotional programmes for Climate-friendly Construction and Federal Funding for Efficient Buildings. Demand increased sharply in the final quarter for the promotion of heating systems that was restarted at the end of February 2024. This resulted in KfW issuing commitments for around 227,000 grant applications with a volume of around EUR 3.3 billion by the end of the year.

At EUR 6.4 billion, the commitment volume in the priority area of residential and housing also exceeded the prior-year level (2023: EUR 4.6 billion). The main driver was KfW’s residential ownership programme with EUR 5.3 billion (2023: EUR 4.2 billion). In addition, the new promotional programmes “Residential Property for Families” and “Residential Property for Families – Existing Property Acquisition” (“Young buys old”) contributed a total of EUR 0.9 billion to this good result.

Commitments in the education priority area in 2024 at EUR 1.6 billion were slightly weaker than in the previous year (2023: EUR 1.8 billion).

SME Bank segment

The SME Bank segment contributed a promotional business volume of EUR 13.4 billion (2023: EUR 20.4 billion). The significant downturn compared to the previous year resulted from a persistently weak economic environment and state aid legislation, which had a negative impact on the interest rate level. On the other hand, the Climate Action Campaign for Corporates programme exceeded the previous year’s level at EUR 1.6 billion (2023: EUR 1.5 billion), as did the KfW Environmental Programme at EUR 0.8 billion (2023: EUR 0.3 billion).

Commitments in the priority area of start-ups and corporate investment fell slightly to EUR 6.5 billion (2023: EUR 7.7 billion). This was mainly due to reluctance to invest as a result of poorer business expectations. At EUR 1.5 billion, the priority area of innovation came in at prior-year level (2023: EUR 1.5 billion).

2. Business sector Customised Finance and Public Clients

The Customised Finance and Public Clients business sector achieved a commitment volume of close to EUR 41.6 billion in 2024 (2023: EUR 35.9 billion). This very high result is mainly due to two special financings. KfW is supporting the construction of a national hydrogen core network on behalf of the German Federal Government. This forward-looking project is a key component of the German Federal Government’s national hydrogen strategy, which is expected to result in the creation of infrastructure with a total length of 9,040km by 2032. By financing a new instrument – the amortisation account – KfW will be making a significant contribution to the implementation of this technology of the future. KfW is providing a loan for the amortisation account in the amount of EUR 24 billion. In addition, a mandated transaction of over EUR 8.5 billion was concluded to secure the German energy supply. In traditional promotional business, KfW achieved a commitment volume of almost EUR 8.4 billion despite the unfavourable EU reference interest rate situation.

Customised finance Corporates

Customised finance for corporates recorded commitments totalling EUR 33.1 billion (2023: EUR 11.9 billion). The above-mentioned special financings were decisive for this. In addition, a total of around EUR 0.6 billion was committed for the expansion of digital infrastructure via syndicate financing and the Venture Tech Growth Fund, significantly exceeding the previous year (2023: EUR 0.4 billion).

Municipal and social infrastructure

With a value of close to EUR 4.6 billion, the volume of business for municipal and social infrastructure normalised compared to the previous year (2023: EUR 18.8 billion). This was due to the planned substantial reduction in the high-volume special financing for emergency aid / the price brake for gas and heat. There was strong demand in traditional promotional business with a commitment volume of EUR 2.8 billion, particularly in general investment finance for municipalities (2023: EUR 1.8 billion). In addition, with a commitment volume of EUR 1.0 billion, there was a significant volume in the promotional focus of climate change and the environment, even after the German Federal Government’s promotion of Energy-efficient Urban Rehabilitation expired (2023: EUR 1.6 billion).

Individual financing for banks and promotional institutions of the federal states

With a volume of business of EUR 3.9 billion, individual financing for banks and promotional institutions of the federal states was not able to fully achieve the exceptionally high value from the previous year (2023: EUR 5.1 billion). However, with commitments of over EUR 2.7 billion, there was very high demand from state promotional institutions for general funding. In addition, there was a robust development in the funding of federally covered export credits, with a commitment volume of close to EUR 0.8 billion, similar to the previous year.

3. Business sector KfW Capital

Commitments in the KfW Capital business sector amounted to around EUR 1.6 billion in 2024 (2023: around EUR 2.1 billion). The high volume in the prior-year period was mainly due to more intensive commitment activities by the European Investment Fund (EIF) as part of the German Future Fund’s (GFF)-EIF Growth Facility programme.

In 2024, around EUR 425 million was committed to 22 European venture capital funds for financing start-ups and innovative companies in Germany via the programmes implemented by KfW Capital (2023: EUR 471 million).

Launched in June 2023 for 24 months, the Green Transition Facility, a building block of the Future Fund, was successfully fully invested by KfW Capital after just one and a half years at the end of the year. Around EUR 100 million of KfW funds were committed to seven climate tech funds. KfW Capital also invested EUR 500 million in the new HTGF Opportunity Fund as part of the Future Fund and a further EUR 430 million in the Deep Tech & Climate Fund (DTCF). The European Investment Fund (EIF) also received EUR 233 million from the Future Fund for investments in venture capital funds (GFF-EIF Growth Facility, 2023: EUR 594 million).

Since it was founded, KfW Capital has already invested a volume of EUR 2.5 billion in a total of 132 venture capital funds and has thus indirectly co-financed more than 2,400 start-ups via these venture capital funds. On average, the VC funds invest more than four times the capital contributed by KfW Capital in start-ups and innovative companies in Germany.

4. Business sector Export and project finance – KfW-IPEX Bank

KfW IPEX-Bank, which is responsible for the Export and project finance business sector and provides financing to support German and European companies on the global markets, nearly achieved the record volume of business it achieved the previous year. With new commitments totalling around EUR 23.9 billion, it has made an important and quantitatively significant contribution to supporting the German and European economy – often in a consortium with partner banks and institutional investors (2023: EUR 24.2 billion).

In a market environment that continues to be very challenging, this is primarily due to very good performance across all business units. The main new business drivers were major projects for the energy and mobility transition, as well as for strengthening energy infrastructure and securing the supply of raw materials in Germany.

KfW-IPEX Bank contributed to the global energy transition, in particular with financing for a number of onshore and offshore wind farms as well as solar projects and battery storage systems totalling EUR 1.8 billion. It has also underlined its commitment to transforming the global economy with financing for projects such as Europe’s first climate-neutral container terminal in the Port of Duisburg, a sustainable data centre in Offenbach, climate-friendly copper production in Chile or sustainable steel production with hydrogen in Sweden.

5. Business sector Promotion of developing countries and emerging economies

Commitments in the Promotion of developing countries and emerging economies business sector totalled EUR 10.3 billion (2023: EUR 10.9 billion).

Commitments in the KfW Development Bank business sector decreased compared with the previous year to around EUR 7.8 billion (2023: EUR 9 billion).

Less than half of the commitments in 2024, namely EUR 3 billion, came from the federal budget (mainly from the Federal Ministry for Economic Cooperation and Development). The majority, namely EUR 4.5 billion, are KfW funds. KfW raises these funds via the capital markets.

Despite ongoing global crises, Financial Cooperation remains committed to promoting sustainable transformation. KfW Development Bank supported projects in the area of climate and environmental protection with EUR 4.7 billion in 2024, which corresponds to a share of 60% of total new commitments. There were also new commitments for Ukraine in the amount of EUR 361 million in 2024. Since Russia’s war of aggression began, the country has been supported in maintaining its state functions (e.g. energy and water supply) and in the care of internally displaced persons. KfW Development Bank used delegated EU funds in the amount of EUR 138 million for this purpose.

As a partner of private companies in developing countries and emerging economies, DEG was in high demand in 2024. With around EUR 2.5 billion of new commitments from its own funds for investments of private companies, it reached a new record value under global conditions that continue to be challenging – an increase of EUR 600 million compared to the very high volume of the previous year (2023: EUR 1.9 billion). In addition, EUR 583 million was mobilised from other investors (2023: EUR 613 million). With a total of around EUR 620 million for investment projects of German mid-sized companies and local partners who purchase German components, for example, a new peak was also achieved in German business.

Around half of the newly committed DEG financing in 2024 went directly to mid-sized companies in developing markets, with a further 44 percent committed to financial institutions and funds, that use them to provide credit lines and investment capital to local SMEs and mid-sized companies. Advising the co-financed German and local companies in their transformation processes is an integral part of DEG’s promotional activities.

6. Business sector Financial markets

In order to fund its promotional business, KfW raised funds equalling EUR 78.1 billion in the international capital markets in 2024 (2023: EUR 90.2 billion). One focus was on the issue of euro bonds, which accounted for around 62 percent of KfW’s total capital market funding (2023: 54 percent). The US dollar share of funding was around 25 percent (2023: 29 percent). A total of 145 transactions in eight different currencies were carried out. In addition, KfW carried out nine green transactions in seven currencies in the past financial year and thus generated net revenue of EUR 12.2 billion. The total volume of all “Green Bonds – Made by KfW” issued since 2014 now sits at over EUR 80 billion.

In 2024, KfW also focused on the digitalisation of its issue activities. Several pilot transactions have made significant progress in issuing central register and crypto securities in accordance with the German Electronic Securities Act (eWpG). KfW intends to build on this in the current year. For central register securities, the main focus in 2025 is to be on scaling and the transition to serial operation. In the area of crypto securities, KfW plans to further expand its experience from the pilot transactions and, in a next step, act as an investor in a bond from another issuer.

To fund its promotional business in 2025, KfW expects a total of EUR 65 to 70 billion to be raised in the international capital markets for the financial year. Of this amount, around EUR 10 billion is to be raised via “Green Bonds – Made by KfW”. At the end of January 2025, KfW had already raised EUR 16.9 billion in the international capital markets.

You can find all documents on the press conference including photos and graphics for editorial use at

Digital press portfolio – 2025 start-of-year press conference | KfW.

Further information on KfW’s promotional figures can be found at

Reporting Portal | KfW.