Representatives of Ukraine’s Ministry of Finance and Poland’s Bank Gospodarstwa Krajowego (BGK) discussed support for local community projects in Ukraine and preparations for the bank’s full-scale operations in the country. Ukraine’s Finance Ministry reported this following a meeting with the bank’s delegation on April 2.
Under the Ukraine Investment Framework (UIF), two BGK framework projects totaling €220 million have already been approved under European Commission guarantees. The first project provides for around €200 million of investment in the private sector, including energy, transport, and construction. The second project is aimed at supporting the restoration of community infrastructure in the public sector and is valued at €20 million.
During the meeting, the parties also discussed potential financing for the restoration of critical municipal infrastructure, including water and heat supply systems, the combination of EU grants with BGK credit lines, mechanisms for guaranteeing local borrowing, as well as VAT issues in international technical assistance projects and foreign lending.
Particular attention was also given to preparations for the start of BGK’s full-scale operations in Ukraine. This relates to the implementation of the agreement on the bank’s activities, which was ratified by the Verkhovna Rada and signed by the president in March. The document grants BGK a status similar to that of international financial institutions, opening the way for large-scale operational activity in Ukraine.
BGK opened a representative office in Kyiv in February 2025 to coordinate Ukraine recovery projects financed by EU funds. The office also supports Polish business activity in the Ukrainian market, prepares analytical materials, and facilitates interaction with state authorities and financial institutions.
In February 2026, Polish media reported that the Polish government was considering the possible acquisition of stakes in major state-owned banks in Ukraine, including Oschadbank and Ukreximbank. In those reports, BGK was mentioned alongside PKO and the Polish Development Fund as one of the potential instruments of the State Treasury for implementing such transactions.
Bank Gospodarstwa Krajowego is Poland’s state development bank, wholly owned by the country’s Ministry of Finance. The institution serves as the government’s key financial operator in programs related to economic growth, infrastructure development, social support, and export promotion.
In the first half of 2025, the BGK Group significantly improved its financial performance. Net interest income amounted to PLN 2.249 billion ($628 million), net fee and commission income reached PLN 263 million ($73 million), and operating result totaled PLN 1.922 billion ($537 million). Profit before tax stood at PLN 2.87 billion ($802 million), net profit at PLN 2.354 billion ($658 million), while the group’s total comprehensive income reached PLN 2.835 billion ($792 million). At the same time, net cash flow remained negative at PLN 10.406 billion ($2.907 billion).
Thus, the mobilization of €220 million under EU guarantees through BGK will make it possible to finance both private-sector and public projects in Ukraine, while also opening the door for the Polish bank’s long-term presence in the Ukrainian market and supporting the recovery of critical infrastructure and local communities.
