KfW and Polish state development bank BGK conclude EUR 100 million global loan agreement to support Polish SME sector
Press Release from 2015-02-11 / Group
- KfW's stronger involvement in Europe continues
- Long-term investment loans for Polish SMEs
KfW has concluded a global loan agreement in the amount of EUR 100 million with the State Development Bank of Poland - Bank Gospodarstwa Krajowego (BGK). The loan has a term of approximately 10 years. The funds will be used to finance long-term investment loans for small and medium-sized enterprises (SME) in Poland. As one of the most important suppliers for investment in capital goods, the German economy also stands to benefit indirectly from an improved investment climate in Poland.
The commitment of the global loan to BGK is in line with KfW's stronger involvement in Europe. KfW and BGK work together within a number of European associations and networks including the Network of European Financial Institutions for Small and Medium-Sized Enterprises (NEFI) and the European Long-Term Investors Association (ELTI).
KfW's CEO Dr Ulrich Schröder on the collaboration: "This first global loan to support Poland's SME sector is an expression of the strong partnership between KfW and BGK as important European promotional banks. By issuing the loan, KfW is supporting BGK's long-term funding and helping improve the financing conditions for SMEs in a country that is an important neighbour and partner for Germany. At the same time, KfW is reinforcing its strong and long-standing collaboration with BGK in the NEFI and ELTI. We intend to further intensify our bilateral cooperation, and stay in constant contact to achieve this.“
“KfW’s global loan for the financing of the SME sector is in line with our mission to support economic and social development of the country. The additional EUR 100 milion will have a positive impact on maintaining the pace of SMEs’ investments. These financial means will complement our existing offer for SMEs - guarantees de minimis, funding available under the JEREMIE programme or loans for setting up business activity. We are pleased that the cooperation with European partners helps us to even better fulfil our mission as a development bank”, said Dariusz Kacprzyk, the President of the Management Board of BGK.