Frankfurt (Germany), April 9: Germany's state-owned promotional bank KfW unveiled on Friday that its new business in 2021 dropped by more than 25 percent year on year.
KfW's new business reached 107 billion euros (116 billion U.S. dollars) in 2021, down by 26.45 percent over 2020, the bank disclosed in a press release. However, it was still significantly higher than the 2019 figure of 77.3 billion euros.
The bank blamed the reduced demand for coronavirus aid in Germany and international business areas for the retreat.
New business in Germany made up the largest share of the bank's total with a volume of 82.9 billion euros. The bank reported strong demand for the promotion of energy-efficient projects. Around 33 percent of its funding in 2021 was used for climate and environmental protection.
In a reversal of the downturn in 2021, KfW witnessed a promising start in 2022 with new business totaling 22.3 billion euros as of end-February, a 48.68 percent increase compared with the same period last year.
Source: Xinhua
