The German federal government is pledging hundreds of millions of euros in financial guarantees and cash funds to the country's shipyards and ports in an attempt to mitigate the economic downturn. "We have decided that the KfW special programme will be extended to cover newbuilding construction finance," Dagmar Woehrl, government co-ordinator for the maritime industries, announced last week. The€15Bn special lending programme by state-owned development bank KfW is part of a diverse aid programme designed to trigger investments worth about €50Bn across the economy.
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