PGZ receives PLN 74.1 million cash injection

Polska Grupa Zbrojeniowa (Polish Defense Holding - PGZ) received PLN 74.1 million for R&D research projects from the Entrepreneurs' Restructuring Fund, said the Ministry of State Treasury on Friday. "The money will allow for the thorough modernization and expansion of a gunpowder factory in Pionki. This investment will contribute to reverse existing proportions - approx. 90 percent of the domestic demand for gunpowder will be satisfied by the Polish producer, and not, as it happens currently, from imports. As a result, our country can become self-sufficient when it comes to the delivery of modern weapons systems and amunition," said Włodzimierz Karpiński, minister of State Treasury. The ministry informed earlier that PGZ will receive PLN 500 million in the period 2011-2016.