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Deputy Prime Minister Jarosław Gowin announced Poland’s accession to the Pan-European Guarantee Fund

21.10.2020

Estimates show that in the upcoming 3 years, entrepreneurs will receive at least PLN 20 billion to counteract the economic effects of COVID-19 – that will be the effect of Poland's accession to the Pan-European Guarantee Fund – the newest common shield of the EU Member States and the European Investment Bank Group (EBI) against COVID-19. Our country’s accession to the Pan-European Guarantee Fund was announced today by Deputy Prime Minister Jarosław Gowin.

Deputy Prime Minister Jarosław Gowin announcing Poland’s accession to the Pan-European Guarantee Fund

– Polish companies have received nearly PLN 150 billion under the anti-crisis shield, including the financial shield. We can however clearly say that entrepreneurs still need assistance, and that is why we offer them further support instruments. We estimate that the support for Polish companies under the Pan-European Guarantee Fund will amount to at least PLN 20 billion – said the deputy Prime Minister Jarosław Gowin during the conference of the National Contact Point for Financial Instruments of the EU Programmes.

He added: – The new fund does not include the so-called national envelopes. This means that the funds will be utilised by the country whose institutions will be the quickest to apply and receive the acceptance of the European Investment Bank. That is why I wish to appeal to the representatives of the national financial institutions to act as quickly as possible to prepare and implement the preferential financial initiative for Polish entrepreneurs.

The aims of the fund

The main aim of the fund is to provide support to small and medium entrepreneurs by facilitating their access to financing.

The amount of support

In accordance with the plans of the European Investment Bank, the financial multiplier in the new fund will amount to at least 5. That means that Poland will receive five times the value of financial share (i.e. credit or leasing) of the capital “invested” in the EGF. Translating that into the domestic market means that we expect a preferential financial share for Polish entrepreneurs of at least PLN 20 billion within the upcoming 3 years.

How will the support be provided?

The support under EGR will be provided directly or indirectly through national financial institutions, including:

  • commercial banks;
  • financial, guarantee, microfinancing and development institutions; 
  • leasing companies, venture capitals;
  • special purpose vehicles.

They will use the following instruments: loans, equity and quasi-equity investments, risksharing, purchasing asset-backed securities and guarantees.

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