Kreditanstalt für Wiederaufbau (KfW)

High Impulse raised more than 50 million euros on September 2nd.

And on September 17th, the German government and KfW started the next phase of the WIN initiative, the push to mobilize domestic scale capital when Europe is customer and the LP ownership stays close.

That is the pattern to build on.

So here's the framework.

They just locked down a massive U.S. $850 million debt commitment for their Quebec gold copper project.

Wait, just to clarify, that's coming from KFW, IPEX Bank and Societe Generale, right? Forming the core of what's anticipated to be a $1.1 billion package?

Exactly.

$1.1 billion.

So whether it's the U.N. testing A.I., U.S. Defense Fund backing drones or, you know, a European bank underwriting a copper mine, are these massive institutional validations basically the ultimate de-risking indicators for tech small caps?

They absolutely are.

A retail investor simply cannot replicate the due diligence of the U.N. or KFW Bank.

I mean, these aren't just PR stories.

We just need to deliver and monetize all the assets which we have in Europe.

So how will KfW's role as an instrument of German government policy change to meet these challenges in areas like defense and infrastructure? And what does all that mean for KfW's own bond issuance?

I think that's a key question for me as a CEO.

You ask, it's pretty much strategic.

We operate in 80 countries.

like we have done here in Germany on the so-called Germany Fund.

So our role is evolving and developing, and I'm proud of what we have achieved over the last few years, that KfW is recognized as a pioneer in digital finance, as a developer of ecosystems in venture capital, but also as an innovator, like with the Germany Fund.

I can give you an example because you asked specifically about the defense sector.

Two days after that, The European Space Agency signed that same space company to a contract worth of up to 760 million euros.

And yet, according to KfW, more than three quarters of the venture capital invested in German startups in the first quarter came from abroad.

Money, customers, ownership.

Europe moved on two of the three this month.

Read number four.

The ownership is the trade-off.

What happened? KfW Research reported that in the first quarter of 2026, more than three quarters of the venture capital invested in German startups came from abroad.

In the two quarters before, it was about two thirds.

So the fact that some public banks in the world and there's twenty three trillion dollars in public banks globally, the fact that most of them are just handing out money to any sector that screams for help.

And some of them, like the one in Brazil, the NDS, the one in Germany, the KFW.

And

you're talking also to a U.S. audience may not even know what you're talking about when you say public banks.