German development bank KfW launches transparency initiative
German state-owned development bank KfW is launching a transparency initiative with the intention to publicly report on risks of the projects it finances in developing and emerging countries, especially in the areas of human rights and the environment. Last year KfW and its subsidiary DEG committed a record €10.6 billion (US$11.7 billion) for development projects worldwide. Almost half the investments were focused on Africa and the Middle East.
KFW finances development projects worldwide both on behalf of the Federal Ministry of Economic Cooperation and Development (BMZ) and with its own funds. The bank aims to tap the economic potential in Africa and thus contribute to the fight against poverty. KfW Managing Director Joachim Nagel is encouraging the German economy to invest more in Africa.