KfW IPEX-Bank has reported a pre-tax income of 224 million euro for 2011. The Frankfurt-based export and project financing company made new loan commitments totaling 13.4 billion euro last year, up from 9.3 billion euro in 2010. KfW IPEX is owned by the KfW Bankengruppe, which in turn is 80 percent owned by the German government and 20 percent by German states.

KfW IPEX has provided ship financing to Carnival Corporation for the AIDA ships; to Norwegian Cruise Line, Royal Caribbean, TUI Cruises and Viking River Cruises in the form of ECA covered CIRR term loans. Cruise-ship financing was its largest business segment in 2011, represented 31.4 percent of its financing projects. Overall, ship financings total about 13 billion euro.

Last year, the KfW IPEX “focused on helping German and the European export industries stand their ground against in global competition in a more difficult economic environment,” the company said in a prepared statement.

In the current financial year KfW IPEX-Bank stated that it intends to expand its market position as a leading specialized financier. In addition to supporting export industries, its business activity will continue to focus on financing environmental and climate protection projects, means of transport and infrastructure projects as well as projects to supply German industry with raw materials.