Evaluation of the KfW Covid19 Support Measures

Evaluation of the KfW Covid19 Support Measures

Client/Allowance

KfW Group

Period: 29.02.2024 – 28.02.2026

The study examines the results and effects of KfW's Covid-19 aid programmes. The KfW Covid-19 aid consisted of four loan programmes: KfW entrepreneur loan, ERP start-up loan, KfW quick loan and KfW special programme “Direct participation for syndicated financing”. The first three special programmes were pass-through programmes, i.e. the application was submitted via the pass-through financing partners (banks and savings banks). The fourth programme represented direct financing of medium-sized and large companies by KfW together with other financing partners. The four loan programmes were covered by a guarantee from the federal government.

The following questions are central to the evaluation of the KfW Covid-19 aid:

  • Relevance: Was the design of the programmes suitable for achieving the economic policy objective (securing the existence of the companies affected by the measures to contain the corona pandemic)?
  • Activities: Were the targeted scope of funding activities (number of approved loans, number of supported companies) achieved in the programmes launched and was the support provided in a timely and appropriate manner?
  • Reaching the target group: Did the programme activities reach the intended target group and were the designed aids accepted by programme participants and implemented in accordance with the program?
  • Effect: Did the liquidity support provided contribute to achieving the programme objectives, i.e. securing the existence of the supported companies, avoiding payment difficulties and securing the companies' economic development prospects?
  • Cost-effectiveness: Were the programmes implemented efficiently, i.e. did the resources used achieve a sufficiently high impact and was the effort on the part of the funding recipients commensurate with the support received?

The evaluation is based on a survey of programme participants, a comparison with control groups of companies that did not receive KfW Corona aid, analyses of the programme documents and programme monitoring activities, as well as expert interviews.

Project members

Christian Rammer

Christian Rammer

Project Coordinator
Deputy

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Alexander Ehrlich

Alexander Ehrlich

Researcher

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Elisa Rodepeter

Elisa Rodepeter

Researcher

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Jakob Ehlich

Jakob Ehlich

Technical Employee

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Kornelius Kraft

Kornelius Kraft

Research Associate

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Simona Christine Murmann

Simona Christine Murmann

Academic Assistant to the Head of Research Department

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Sandra Gottschalk

Sandra Gottschalk

Senior Researcher

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Thorsten Doherr

Thorsten Doherr

Researcher

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Client/Allowance
KfW Group, Frankfurt am Main, DE