International
5:00 4 May 2021
Post by: WBJ

European Guarantee Fund soon to be available in Polish market

More than PLN 14 billion from thirteen financial institutions from Poland will go to Polish entrepreneurs this year. It is estimated that during the entire period of the European Guarantee Fund's activity, they will be able to benefit from anti-crisis financing estimated at up to PLN 20 billion.

The amounts of the estimated volume correspond to the contribution that Poland has declared for the EGF in the amount of approximately €1.1 billion. The European Guarantee Fund was established voluntarily and in solidarity by the Member States of the European Union as a tool to combat the economic effects of the Covid-19 pandemic. Funds have been entrusted to the European Investment Bank (EIB) Group to offer portfolio guarantees and a range of instruments to venture capital funds to improve access to external financing.

22 countries have joined the EGF, 17 of which financial institutions have successfully passed the selection process. Poland is currently in a high 5th place in terms of the number of approved EGF projects – ahead of, among others, Sweden, Belgium, and Germany. The leaders are countries such as Italy, Spain, and France.

“I am very glad that the Polish financial market responded responsibly and responded to the call of its clients and the Polish government to take advantage of the new European fund, co-financed by Poland. We hope that new funds will be made available to Polish entrepreneurs in June. As a result, entrepreneurs should gain access to cheaper and simpler financing,” Dr. Jarosław Gowin, Vice-President of the Council of Ministers, Minister of Development, Labor, and Technology, said.

(PAP

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