A Polish bank is opening in Ukraine. The government explained its tasks and opportunities.
27 February 19:35
The Verkhovna Rada has officially authorized the Polish state bank Bank Gospodarstwa Krajowego (BGK) to operate in Ukraine. This was reported by "Komersant Ukrainian" with reference to the press service of the Cabinet of Ministers.
“The ratification of the agreement will create a legal basis for BGK’s activities and allow the bank to provide the Ukrainian government, state and private institutions with financial and technical assistance in the implementation of investment projects, in particular Ukraine Facility,” said Deputy Minister of Economy of Ukraine Yegor Perelygin.
BGK will be able to provide Ukraine with loans, credits, guarantees, grants, and other financial instruments. Assistance may be directed to the Ukrainian government and local authorities, as well as to state-owned and private companies. Financing will be provided in euros, US dollars, or other currencies.
The agreement itself details the rights of Bank Gospodarstwa Krajowego and the list of permitted activities in Ukraine, which gives a clear understanding of the scope and limits of its work in the country.
In particular it is stipulated that BGK has the right to carry out any activities necessary for the implementation of its projects, negotiate and conclude any types of contracts or agreements, accept and provide guarantees, counter-guarantees or sureties, as well as hire employees of Ukrainian, Polish or other nationalities in accordance with the national legislation of the parties, which ensures the flexibility and efficiency of the bank’s operations.
At the same time, the receipt of guarantees and standby letters of credit, which serve as a financial guarantee issued by BGK in Ukraine, with the risk covered by organisations such as the European Commission and/or the Polish Ministry of Finance, is recognised as acceptable collateral with a liquidity ratio of 1.0 for determining the credit risk on active banking operations of Ukrainian banks, which creates additional financial reliability for the Ukrainian banking system.
In turn, guarantees, credits, and loans provided by BGK within the scope of this activity, as well as other banking operations carried out to support the recovery and development of Ukraine, are taken into account by the National Bank of Ukraine when calculating prudential ratios in accordance with the provisions of Regulation (EU) No. 575/2013 of 26 June 2013 and amendments to Regulation (EU) No. 648/2012, ensuring transparency and compliance with international standards.
In addition, the Agreement defines the permitted activities of BGK, which include the provision of financial assistance in the form of loans or other financial instruments, such as export support, grants or guarantees in euros, US dollars or other currencies, to the Government of Ukraine and any public institutions, including municipalities, as well as public or private companies, which expands the bank’s opportunities to support various sectors of the economy.
The bank may also provide technical assistance and grants, including training and capacity building for public and private entities, financial and banking institutions, as well as national, foreign, or international associations and organizations that provide such assistance to entities that are residents of Ukraine and operate in accordance with its legislation, which contributes to strengthening the competencies and development of the country’s financial and institutional sectors.
In addition, BGK has the right to provide unconditional, irrevocable guarantees on first demand to banks operating in Ukraine. This creates additional guarantees of stability and support for the Ukrainian financial sector in the process of economic recovery and implementation of investment projects, providing comprehensive support for the reconstruction and development of the state.
What is known about the Ukraine Facility
As a reminder, the Ukraine Facility is a €50 billion financial support program for Ukraine from the European Union for 2024-2027, which is aimed at financing Ukraine’s budget and stimulating investment.
The main document for receiving funds is the “Ukraine Plan,” which details the list of necessary reforms and indicators. There are almost 150 of these indicators. The implementation of each of them brings Ukraine an average of €350 to €600 million.
The last tranche from the EU was on December 22, when Ukraine received €2.3 billion in aid. This was already the sixth tranche under the funding program.
What is known about Bank Gospodarstwa Krajowego
Bank Gospodarstwa Krajowego is a Polish state-owned bank headquartered in Warsaw, the only bank in Poland owned by the government.
It was founded in 1924 to support government socio-economic programs, as well as local government and regional development programs.
Yesterday, February 26, it became known that the Polish state bank Bank Gospodarstwa Krajowego (BGK) will start operating in Ukraine. The agreement on BGK’s activities in Ukraine was signed on September 25, 2025, by Ukrainian Minister of Economy Oleksiy Sobolev and Polish Minister of Finance and Economy Andrzej Domaski.
