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KfW IPEX Bank has signed two loan agreements with Romanian state-run power utility Transelectrica for over E45mn.
Under these agreements KfW IPEX will finance deliveries by the two German companies ABB (E19.5mn) and Siemens (E25.5mn) for the rehabilitation of the substations Bucharest South and Sibiu South.
For KfW Bankengruppe, KfW IPEX Bank offers project and corporate finance within and outside of Germany and also provides export finance. With its financing offers KfW IPEX is active in the sectors of raw materials, the manufacturing industry, commerce and health, energy and the environment, telecommunications and new media, ships, aircraft, rail and road transport, airports and seaports and the construction industry.
Since January 1, it has been a legally dependent bank within KfW Bankengruppe and, on January 1, 2008, it will become a legally independent group subsidiary.
In the first half of 2004 alone the commitments of KfW IPEX totalled around E4.9bn.