The KfW, formerly KfW Bankengruppe , is a German government-owned development bank, based in Frankfurt. Its name originally comes from Kreditanstalt für Wiederaufbau . It was formed in 1948 after World War II as part of the Marshall Plan.It is owned by the Federal Republic of Germany and the States of Germany . It is led by a five-member Managing Board headed by Ulrich Schröder, which in turn reports to a 37-member Supervisory Board. The chair of the Supervisory Board changes annually between the German Federal Ministers of Finance and Economic Affairs; the chairman for 2014 is Sigmar Gabriel. Wikipedia.
News Article | May 5, 2017
Frankfurt am Main, 05-May-2017 — /EuropaWire/ — The application phase has now begun for this year’s “Start-up champions” KfW award, which boasts a total prize fund of EUR 35,000. With its renowned competition, the KfW Group honours young companies from all over Germany and gives their business concepts the public recognition they deserve. “With the ‘Start-up champions’ award, we intend to reward new entrepreneurs for all the hard work they put in and the courage it took them to turn an idea into a successful business. At the same time, we want to showcase exceptional success stories that motivate others, who are perhaps still hesitant to take that brave leap into independence,” explains Dr Ingrid Hengster, Member of the Executive Board of the KfW Group. The award is presented as part of the German Business Founder and Entrepreneur Conference (Deutsche Gründer- und Unternehmertage; deGUT). A prize is awarded to one company from each of the German federal states. The company must have been founded or been taken over as part of a succession within the last five years (since 2012). Each company receives a prize money of EUR 1,000. The winners from the federal state category go on to compete for the nationwide award, which offers additional prize money of EUR 9,000. The national champion is announced on the evening of the “Start-up champions” award ceremony. All prize winners are given the opportunity to present themselves on stage in a bid to win the public’s choice award, which is decided by the audience (and coupled with an additional prize money of EUR 5,000). Of all the applicants, one company that particularly impresses the jury will be awarded a special prize worth EUR 5,000. The KfW start-up champions are selected by a jury of experienced representatives from the KfW Group and the worlds of politics and business, for example from the promotional institutions of the federal states and from chambers of industry and commerce. The jury assesses the business ideas based on their level of innovation and creativity and whether they are socially responsible. The jury also places significant emphasis on how environmentally friendly the business is and whether jobs and apprenticeships have been created or maintained. Companies from all sectors of industry can enter. The award ceremony itself will take place on 12 October 2017 at the kick-off event of the deGUT conference held at the German Federal Minister for Economic Affairs and Energy in Berlin. All competition winners will be invited to Berlin between 12 and 14 October and have their hotel and conference visit expenses paid for. What is more, one person from each of the winning companies is given the opportunity to take part in a seminar at the impulse-Akademie. The winners will also be provided with support from a PR agency on how to market their success story. Further information and the online application form for the “Start-up champion” KfW award can be found at www.kfw.de/award. Portraits of past award winners can also be found there. About KfW: As Germany’s largest promotional bank, KfW supports its customers by providing tailored financing offers. In 2016 alone, KfW made a promotional business volume totaling EUR 81.0 billion available in Germany and abroad. The promotional business volume in the SME Bank business sector totaled EUR 21.4 billion.
News Article | July 19, 2017
Expressions of interest now received for approximately US$900 million of the targeted US$1 billion project financing LONDON, ENGLAND--(Marketwired - July 19, 2017) - Robert Friedland, Executive Chairman of Ivanhoe Mines (TSX:IVN)(OTCQX:IVPAF), and Lars-Eric Johansson, President and Chief Executive Officer, announced today that the company has appointed another two leading mine-financing institutions - KfW IPEX-Bank (KfW IPEX-Bank), a German government owned institution, and the Swedish Export Credit Corporation (SEK) - as Initial Mandated Lead Arrangers (IMLAs) to arrange debt financing for the ongoing development of the company's Platreef platinum-group metals, nickel, copper and gold mine in South Africa. KfW IPEX-Bank and SEK join the initial three IMLAs - Export Development Canada, Nedbank Limited (acting through its Corporate and Investment Banking division) and Societe Generale Corporate & Investment Banking - that were appointed earlier this year, details of which are in Ivanhoe's April 25, 2017 news release available at www.ivanhoemines.com. The IMLAs will make best efforts to arrange a total debt financing of up to US$1 billion for the development of Platreef's first-phase, four-million-tonne-per-annum (Mtpa) mine, with preliminary expressions of interest now received for approximately US$900 million of the targeted US$1 billion financing. The financing will be contingent upon a successful due diligence process including benchmarking the project against the International Financial Corporation's (IFC) Environmental and Social Performance Standards. Negotiation of a term sheet is ongoing between Ivanhoe's finance team and the IMLAs and discussions were held during the week of July 3rd in Johannesburg, South Africa, and attended by all five IMLAs. This was followed by a site visit to the Platreef Project. "With KfW IPEX-Bank's and SEK's involvement and with the indications of interest received from lenders totalling US$900 million, we have great confidence that we will reach our total debt financing target," said Mr. Friedland. "We are thrilled by the addition of SEK and KfW IPEX-Bank to the IMLA group. SEK and KfW IPEX-Bank bring extensive experience in mining project finance, in particular in export and import finance, and bring with them the potential for significant German and Swedish government backing." The Platreef Project is a Tier One discovery of platinum-group metals, nickel, copper and gold by Ivanhoe Mines' geologists on the Northern Limb of South Africa's Bushveld Igneous Complex, the world's premier platinum-producing region. Ivanhoe Mines owns 64% of the Platreef Project through its subsidiary, Ivanplats, and is directing all mine development work. The South African beneficiaries of the approved broad-based, black economic empowerment structure have a 26% stake in the Platreef Project. The remaining 10% is owned by a Japanese consortium of ITOCHU Corporation; ITC Platinum Development Ltd., an ITOCHU affiliate; Japan Oil, Gas and Metals National Corporation; and JGC Corporation. Ivanplats plans to develop the Platreef Mine as an underground mining operation in three phases: 1) an initial annual rate of four Mtpa to establish an operating platform to support future expansions; 2) a doubling of production to eight Mtpa; and 3) another expansion phase to a steady-state 12 Mtpa. At a projected production rate of 12 Mtpa, Platreef would be the largest platinum-group metals mine in the world, producing more than 1.2 million ounces of platinum-group metals each year. The scientific and technical information in this news release has been reviewed and approved by Stephen Torr, P.Geo., Ivanhoe Mines' Vice President, Project Geology and Evaluation, a Qualified Person under the terms of National Instrument 43-101 (NI 43-101). Mr. Torr has verified the technical data disclosed in this news release. Technical information on the Platreef Project is contained in the Platreef 2016 Resource Technical Report dated June 24, 2016, available on SEDAR at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com. Ivanhoe Mines is advancing its three principal projects in Southern Africa: 1) Mine development at the Platreef platinum-palladium-gold-nickel-copper discovery on the Northern Limb of South Africa's Bushveld Complex; 2) mine development and exploration at the Kamoa-Kakula copper discovery on the Central African Copperbelt in the Democratic Republic of Congo (DRC); and 3) upgrading at the historic, high-grade Kipushi zinc-copper-silver-germanium mine, also on the DRC's Copperbelt. For details, visit www.ivanhoemines.com. Within the KfW Group, KfW IPEX-Bank is a legally independent group subsidiary. It offers medium- and long-term financing for key export industries, to develop infrastructure, and to fund environmental and climate protection projects across the globe. SEK is an independent institution that is owned by the Swedish government and acts as a complement to banks. SEK is focused solely on lending to the Swedish export sector. Statements in this news release that are forward-looking statements or information are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the company's periodic filings with Canadian securities regulators. When used in this news release, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should" and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information. The forward-looking information and statements in this news release include, but is not limited to (i) statements regarding the IMLAs will make best efforts to arrange a total debt financing of up to US$1 billion for the development of Platreef's first-phase, four-million-tonne-per-annum (Mtpa) mine, with preliminary expressions of interest now received for up to US$900 million of the targeted US$1 billion financing; (ii) statements regarding the financing will be contingent upon a successful due diligence process including benchmarking the project against the International Financial Corporation's (IFC) Environmental and Social Performance Standards; (iii) statements regarding Ivanplats plans to develop the Platreef Mine as an underground mining operation in three phases: 1) an initial annual rate of four Mtpa to establish an operating platform to support future expansions; 2) a doubling of production to eight Mtpa; and 3) another expansion phase to a steady-state 12 Mtpa; and (iv) statements regarding at a projected production rate of 12 Mtpa, Platreef would be the largest platinum-group metals mine in the world, producing more than 1.2 million ounces of platinum-group metals each year. Readers are cautioned that actual results may vary from those presented. All such forward-looking information and statements are based on certain assumptions and analyses made by Ivanhoe Mines' management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, industrial accidents or machinery failure (including of shaft sinking equipment), or delays in the development of infrastructure, and the failure of exploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Other important factors that could cause actual results to differ from these forward-looking statements also include those described under the heading "Risk Factors" in the company's most recently filed MD&A as well as in the most recent Annual Information Form filed by Ivanhoe Mines. Readers are cautioned not to place undue reliance on forward-looking information or statements. The factors and assumptions used to develop the forward-looking information and statements, and the risks that could cause the actual results to differ materially are presented in the Platreef 2016 Resource Technical Report dated June 24, 2016, available on SEDAR at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com. Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
Moslener U.,Collaborating Center for Climate and Sustainable Energy Finance |
Journal of Cleaner Production | Year: 2013
This paper analyzes financial, informational and organizational barriers to energy efficiency investments for small-and medium-sized enterprises (SMEs) in China. Its findings are based on a survey of 480 SMEs in Zhejiang province, and complemented by semi-structured interviews with enterprises contained in the survey sample. Responses reveal that only a minority of SMEs in China actively perform energy saving activities at a significant level. The survey data suggest, further, that informational barriers are the core bottleneck inhibiting energy efficiency improvements in China's SME sector. Financial and organizational barriers also influence a company's energy saving activities, with interview-based evidence stronger than statistical evidence. The interviews point out three additional barriers to energy saving activities: The role of family ownership structures, lax enforcement of government regulations and the absence of government support as well as a lack of skilled labor. More than 40% of enterprises in the sample declared themselves unaware of energy saving equipment or practices in their respective business area, indicating that there are high transaction costs for SMEs to gather, assess, and apply information about energy saving potentials and relevant technologies. One policy implication of the study is that the Chinese government could play a more active role in fostering the dissemination of energy-efficiency related information in the SME sector.
Bouzarovski S.,University of Birmingham |
Petrova S.,University of Birmingham |
Energy Policy | Year: 2012
Once confined to the UK context - where it was struggling to receive political recognition for years - the concept of energy (or fuel) poverty is slowly entering the EU's agenda, where it has crept into a number of regulatory documents and policy proposals. Using evidence gathered from an international workshop and semi-structured interviews with decision-makers, experts and advocacy activists in Brussels and Sofia, this paper explores the adoption of policies aimed at addressing energy poverty within (i) the organisational context of the EU; and (ii) national state institutions in Bulgaria - a member state facing considerable problems at the energy affordability - social inequality nexus. While the former are largely nascent and poorly co-ordinated, the latter have already been implemented de jure to a significant extent. However, many unresolved issues surrounding their de facto implementation remain. At the same time, national policy makers remain largely unaware of the existence of direct energy poverty related initiatives at the EU level. © 2012 Elsevier Ltd.
Loschel A.,Center for European Economic Research Mannheim |
Moslener U.,KFW |
Rubbelke D.T.G.,CICERO Center for International Climate and Environmental Research
Energy Policy | Year: 2010
Energy security has become a popular catch phrase, both in the scientific arena as well as in the political discussion. Yet, in general the applied concepts of energy security are rather vague. This paper sheds some light on concepts and indicators of energy security. First, we conceptually discuss the issue of energy supply security and explain why it is not to handle by one science alone and what economics may contribute in order to structure the topic. After providing a brief survey of existing attempts to define or measure energy security we suggest an additional dimension along which indicators of energy security may be classified: ex-post and ex-ante indicators. Finally, we illustrate our concept on the basis of several simplified indicators. While ex-post indicators are mostly based on price developments, ex-ante indicators are to a greater extent aimed at illustrating potential problems. Our illustration suggests that it is worthwhile to take into account the market structure along with the political stability of exporting countries. © 2009 Elsevier Ltd. All rights reserved.
Weber R.,Rural University |
Weber R.,KFW |
Musshoff O.,Rural University
Agricultural Finance Review | Year: 2012
Purpose – Using a unique dataset of a commercial microfinance institution (MFI) in Tanzania, the purpose of this paper is to investigate first whether agricultural firms have a different probability to get a loan and whether their loans are differently volume rationed than loans to non-agricultural firms. Second, the paper analyzes whether agricultural firms repay their loans with different delinquencies than non-agricultural firms. Design/methodology/approach – The authors estimate a Probit-Model for the probability of receiving a loan, a Heckman-Model to investigate the magnitude of volume rationing for all loan applications and an OLS-Model to examine the loan delinquencies of all microloans disbursed by the MFI. Findings – The results reveal that agricultural firms face higher obstacles to get credit but as soon as they have access to credit, their loans are not differently volume rationed than those of non-agricultural firms. Furthermore, agricultural firms are less often delinquent when paying back their loans than non-agricultural firms. Research limitations/implications – Even if the authors can show that access to credit and loan repayment is different for agricultural firms, the current regional focus of the MFI only allows for lending to agricultural firms in the greater Dar es Salaam area. Thus, these results might change in a rural setting. Besides general differences of the rural economic environment, the production type of agricultural firms might also differ in rural areas. Also, these results might change in different country contexts. Practical implications – The findings suggest that a higher risk exposition typically attributed to agricultural production must not necessarily lead to higher credit risk. They also show that the investigated MFI overestimates the credit risk of agricultural clients and, hence, should reconsider its risk assessment practice to be able to increase lending to the agricultural sector. In addition, the results might indicate that farmers qualify less often for a loan as they do not fit into the standard microcredit product. Originality/value – To the authors’ knowledge, this is the first paper which simultaneously investigates access to credit and the repayment behavior of agricultural firms. © Emerald Group Publishing Limited
News Article | November 24, 2016
LONDON--(BUSINESS WIRE)--Regulatory News: Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful. Kreditanstalt fuer Wiederaufbau (KFW) Stabilisation Notice The Royal Bank of Scotland plc (contact: Rom Balax, +44 207 085 6268) hereby gives notice that no stabilisation, within the meaning of the rules under Commission Regulation (EC) No. 2273/2003 implementing the Market Abuse Directive (2003/6/EC), was undertak
News Article | March 1, 2017
BERLIN--(BUSINESS WIRE)--OMEICOS Therapeutics, a biopharmaceutical company developing first-in-class small molecule therapeutics for the prevention and treatment of cardiovascular diseases, today announced the first closing of a Series B financing round of €8.3 million and the initiation of a Phase 1 clinical trial with lead compound OMT-28 for the treatment of atrial fibrillation. The financing was led by Vesalius Biocapital II S.A. SICAR and SMS Company Group, along with existing investors KFW Group, VC Fonds Technologie Berlin, High-Tech Gründerfonds II GmbH & Co. KG (HTGF), The Falck Revocable Trust, Ascenion GmbH and members of the management team. The funding will be used to support the newly initiated clinical program and to further leverage the therapeutic potential of the technology. In addition to the financing, OMEICOS today announced the dosing of the first subject in the first-in-human clinical study for its lead candidate, OMT-28. The goal of the study is to evaluate safety, tolerability, pharmacokinetics and pharmacodynamics of single and multiple ascending doses of OMT-28 in healthy volunteers. The randomized, double-blind, placebo-controlled Phase 1 study is being conducted in a single center in Germany and aims to enroll up to 100 subjects. “The successful closing of the Series B financing round in combination with the initiation of the first clinical trial with our lead compound, OMT-28, marks the beginning of a new stage of corporate development for OMEICOS,” said Dr. Robert Fischer, CSO and co-founder of OMEICOS. “We are grateful for the ongoing support of our investors and anticipate this financing to fully fund the company throughout the duration of the Phase 1 clinical study, which will set the stage for a swift transition into a subsequent Phase 2 trial.” “We believe in the potential of OMEICOS’ distinctive small molecules to treat atrial fibrillation and other inflammatory and cardiovascular diseases,” said Vesalius Biocapital’s Dr. Christian Schneider. “We look forward to seeing progress with the Phase 1 clinical trial and are pleased to continue and strengthen our financial investment in the company.” OMEICOS’ lead compound, OMT-28, is a stable synthetic small molecule analog of the natural omega-3 fatty acid metabolite 17,18-EEQ, which has a structure optimized to provide high efficacy, safety and oral bioavailability. OMT-28 has already proven its anti-arrhythmic and cardioprotective potential in different in vivo experimental models. OMEICOS' synthetic analogs of omega-3 fatty acid epoxides are currently focused on cardiovascular diseases, although they have the potential to be applied across a wide range of diseases. More information on the trial (Eudra-CT 2016-003445-28) will be provided via the European Union Clinical Trials Register. About Atrial Fibrillation Atrial fibrillation (AF) is the most common cardiac arrhythmia in humans. More than 30 million patients are affected worldwide and this number is increasing by 2% per year due to the aging population. AF is characterized by an irregular heart rhythm originating from the heart’s upper chambers, resulting in inefficient blood pumping. AF leads to a significant reduction in quality of life, increases the risk of stroke, raises the risk of heart failure and doubles the risk of death. Marketed anti-arrhythmic drugs have limited efficacy and often severe adverse effects, which together with the huge number of affected patients accounts for a high unmet medical need for a safe and efficacious medical treatment of AF. About OMEICOS OMEICOS Therapeutics is a spin-off company from the Max Delbrueck Center for Molecular Medicine (MDC) in Berlin. The company has discovered a series of metabolically robust synthetic analogues of omega-3 fatty acid-derived epoxyeicosanoids that have the potential to treat inflammatory, cardiovascular and other diseases. Epoxyeicosanoids, as a newly described class of bioactive lipid mediators, activate cell type-specific endogenous pathways that promote organ and tissue protection. OMEICOS’ small molecules are orally available and show improved biological activity and pharmacokinetic properties compared to their natural counterparts. OMEICOS’ technology is based on ground-breaking scientific results in the field of omega-3 fatty acid metabolism and physiology obtained by the companies’ founders, Dr. Wolf-Hagen Schunck, Prof. John. R. Falck, Prof. Dominik Müller and Dr. Robert Fischer. The companies’ research activities are supported by a grant from the German Ministry of Education and Research (BMBF). www.omeicos.com
News Article | November 9, 2015
Germany’s state controlled KFW Development Bank, the French Development Agency (AFD) and the government of Uganda, signed a US$95 million agreement this week to construct the 44.7-MW Muzizi hydroelectric project on the Muzizi River in the district of Kibaale, which borders the Ndaiga and Hoima districts in western Uganda.