German development bank invests $11.3b in developing, emerging countries
The KfW Development Bank, a German state-run banking group, invested a record 9.7 billion euros ($11.3 billion) in projects in developing and emerging countries last year, up from 8.8 billion euros in 2016.
A total of 40 per cent of the new investments went to Africa and the Middle East, the bank said on Wednesday from its Frankfurt headquarters.
The bank said its investments were aimed at contributing to peace and reducing the reasons for people becoming refugees.
KfW says it has 117 projects in 28 countries that directly involve refugees, reaching 11 million of them.
In addition to funds from the German government, the bank invested 4.9 billion euros of its own financing last year.
The bank also concentrates on urban development: for example, it financed the metro system in the Peruvian capital Lima, flood defences in the Honduran capital Tegucigalpa and water supply system in Timbuktu in Mali.
Through its subsidiary, DEG, the bank also financed private companies to the value of 1.6 billion euros, it said on Wednesday. Half of that amount went to small and medium-sized enterprises in developing countries.
German firms working abroad received 436 million euros in investments.
For the coming year, the bank said it plans to invest more heavily in digital companies.