On December 19, Bank Gospodarstwa Krajowego (BGK) and Banco Português de Fomento (BPF) signed a Memorandum of Understanding (MoU) in Warsaw. The event took place during a meeting between Radosław Sikorski and Paulo Rangel, the foreign ministers of Poland and Portugal. Both banks want to support job creation and economic development, as well as work to increase trade between their countries. Both development banks are interested in co-financing investments or co-investing in infrastructure, climate protection, and innovation.
'Exports and foreign expansion are important drivers of Polish economic growth. That is why BGK, as a Polish development bank, consistently supports Polish entrepreneurs in their international activities. BGK supports Polish companies in 89 markets around the world, including Portugal. Over the last decade, the value of Polish exports to Portugal has increased two and a half times, and last year the value of Polish-Portuguese trade reached EUR 3.18 billion. Poland is currently among the top ten largest suppliers of goods to Portugal, and our companies are increasingly venturing into the Iberian Peninsula. On the one hand, this is encouraging, and on the other, it motivates us to increase financing for exports and foreign expansion.'
Mirosław Czekaj, President of the Management Board of Bank Gospodarstwa Krajowego
Based on the principles set out in the Memorandum of Understanding, it is anticipated that cooperation between BGK and BPF will include, among other things, joint identification and financing of strategic projects of mutual importance in the areas of infrastructure and industry. Under the agreement, BGK and BPF will be able to jointly invest in investment funds or directly in companies with high growth potential in both Poland and Portugal.
'This agreement reflects BPF's commitment to promoting sustainable investment and creating new opportunities for Portuguese and Polish companies. The partnership with BGK – one of the most recognized and influential development banks in Europe – significantly increases our capacity to stimulate internationalization, innovation, and green and digital transformation. Together, we are laying the foundations for strategic projects that will bring long-term economic and social benefits not only to our two countries, but to the entire European economy.'
Luís Guimarães, Director of Trade and International Affairs at Banco Português de Fomento
Both development banks will also cooperate in promoting financial instruments among companies wishing to internationalize their operations in both countries. An important aspect of the agreement is also knowledge sharing, including the exchange of expertise, market analyses, and investment strategies.
'Bank Gospodarstwa Krajowego consistently builds relationships with foreign financial institutions, especially banks and development institutions. Such partnerships strengthen the power and credibility of the Polish economy. This is important because, in addition to the high quality of products and services offered by Polish businesses and adequate financing, the soft power of our economy is also significant. The memorandum signed today paves the way for supporting specific economic projects that our entrepreneurs will be able to benefit from. That is why I am glad that we have signed an agreement with Banco Português de Fomento.'
Jarosław Dąbrowski, Board Member of Bank Gospodarstwa Krajowego
About BGK
Bank Gospodarstwa Krajowego is a Polish development bank that supports the country's sustainable economic and social development. BGK is the only institution of its kind in Poland. Operating for over 100 years, BGK finances investments in infrastructure, housing, and entrepreneurship. It is also involved in strategic initiatives such as national security and energy transition. The bank cooperates with both the public and private sectors, mobilizing capital to finance projects that respond to key national challenges. It also plays an important role in the implementation of EU funds and the National Recovery Plan.
About BPF
Banco Português de Fomento is a Portuguese state-owned bank serving businesses, the economy, and the country. BPF was founded in 2020 with a mission to promote sustainable growth, innovation, and competitiveness by supporting internationalization and green and digital transformation. BPF is the only national partner implementing the European InvestEU programme, mobilizing billions of euros for investment and playing a key role in the implementation of Portugal's Recovery and Resilience Plan (KPO) through capital and quasi-capital solutions. The bank offers strategic financial instruments that help companies invest, modernize, create jobs, and compete internationally.