Polish companies are intensifying preparations for the implementation of projects in Ukraine, despite the recent cooling of political relations between Warsaw and Kyiv. Businesses are focused on participating in the country’s reconstruction and view the Ukrainian market as one of the key destinations for long-term investment.
This was stated by Marta Postuła, Deputy CEO of Poland’s state-owned development bank BGK, during the Ukraine Recovery Conference, which took place last week in Gdańsk.
According to her, in recent months the bank has recorded a noticeable increase in requests for financing mature projects in the energy and infrastructure sectors. Polish companies are returning with already prepared investment initiatives, many of which are being implemented jointly with Ukrainian partners.
“Entrepreneurs are coming back to us, and the project portfolio is now even larger. This means they have already researched the market, found Ukrainian partners and have a good understanding of the specifics of energy and infrastructure projects,” Postuła said.
The increase in business activity comes amid a recent diplomatic dispute between Poland and Ukraine related to historical issues from World War II. At the same time, representatives of Polish business emphasize that political disagreements have virtually no impact on investment plans.
“We are simply doing business, and during meetings no one talked about politics. Everyone is looking at the numbers,” the Deputy CEO of BGK stressed.
BGK, Poland’s equivalent of Germany’s state development bank KfW, finances national companies through preferential loans, export support instruments and participation in the European Flagship Fund for the Reconstruction of Ukraine.
Last year, an advisory center established by the bank received preliminary project proposals worth PLN 500–600 million, or around $134–161 million. After signing a new agreement with the European Commission to provide guarantees worth €195 million, or around $223 million, Polish companies began submitting specific investment projects.
According to Marta Postuła, the first agreements on financing energy projects are expected to be signed in the near future, including the construction of biogas complexes. She also believes that the actual scale of Polish business participation in Ukraine’s reconstruction will significantly exceed initial estimates.
The Ukraine Recovery Conference in Gdańsk provided an additional incentive for investors. During the event, Ukraine signed 160 agreements with international partners totaling more than €10 billion. The funds will be directed toward the development of the economy, energy sector, defense industry and infrastructure.
Polish companies are already actively forming consortia to participate in Ukrainian projects. Construction groups Budimex, Polimex-Mostostal and state-owned AMW Sinevia have agreed to jointly participate in infrastructure tenders. In the energy sector, Poland’s largest energy companies — PGE, Tauron Polska Energia, Enea and Energa — have signed a cooperation agreement.
Cooperation is also expanding in other sectors. Oil and gas group Orlen is strengthening its partnership with Ukraine’s Naftogaz, while Poland’s largest insurance company PZU has already acquired the largest life insurer in Ukraine.
According to World Bank estimates, the total cost of Ukraine’s post-war reconstruction may reach $524 billion, making the Ukrainian market one of the most promising destinations for European investors in the coming years.
