Polish development bank intensifies capital market engagement

Polish development bank, BGK is significantly strengthening its presence in the capital market through independent investments, consortia, and the Vinci investment vehicle. This strategic endeavour seeks to augment domestic investment levels, foster innovation, and safeguard critical technologies within Poland. BGK organised a conference to discuss possible ways of fulfilling investment gap in Poland.

- BGK is Poland’s development bank actively operating in the capital market – both through independent investments and consortia.
- In 2025 BGK invested approx. PLN 1 billion when it comes to capital investment.
- By 2027, BGK is to reach approx. PLN 13.5 billion in equity investments.

BGK’s investment portfolio encompasses critical technologies, including artificial intelligence, digitalization, quantum technologies, space technologies, advanced semiconductors, biotechnology, and dual-use technologies. The “Capital for the Future” investment conference, convened by BGK, constituted a distinguished forum for deliberation on the findings of the report jointly prepared by BGK and the Polish Economic Institute, entitled “Investments as the Foundation of Poland’s New Development Model.” The report underscores the imperative of transitioning from a growth paradigm predicated upon foreign capital inflows and low labour costs toward a model anchored in strategic, higher-risk investments and innovation.

Read the report “Investments as the foundation of Poland's new development model”.

The panel discussions provided additional insights into the structural challenges and opportunities within Poland’s investment ecosystem. Experts noted that the perceived “investment gap” is often misinterpreted: while financial institutions report limited demand for credit, the underlying issue lies in the fragmented structure of the economy. Poland is characterized by a duality - on one side, the dominant role of state-owned enterprises with complex governance frameworks, and on the other, a vast number of micro and small entities with limited capacity for scaling. This imbalance was identified as a systemic constraint, impeding the formation of a robust middle tier of enterprises capable of driving innovation and competing internationally. The debaters emphasised that addressing this structural deficiency requires coordinated regulatory measures and targeted capital interventions to stimulate sustainable growth.

Further discussions explored the interplay between private and public markets in fostering innovation and long-term competitiveness. Participants underscored that these markets are not substitutes but complementary pillars of a modern financial ecosystem. To support the full life cycle of enterprise development, capital must flow from private markets at the early stages, followed by bank financing, and ultimately culminate in successful exits on public markets. Such an integrated approach was deemed essential for creating globally competitive enterprises and accelerating innovation. The discourse further highlighted that public involvement should aim not merely at disbursing funds but at achieving transformative outcomes - such as the creation of high-growth enterprises, the emergence of unicorns, and an increase in public listings. Initiatives such as Innovate Poland were cited as instruments designed to bridge gaps between private and public markets, mobilize savings, and strengthen the investment ecosystem.

BGK serves as both an investor and a catalyst for initiatives that reinforce the strategic sectors of the Polish economy and foster the development of innovation and cutting-edge technologies. We pursue investments in consortia alongside other development institutions as well as independently. OWe are interested in Venture Capital, Growth Capital, and Private Equity funds. Projects undertaken in cooperation with the European Investment Fund, both in Poland and across Central Europe, hold particular significance. We have also committed to the Innovate Poland initiative. Together with the Polish Development Fund (PFR), insurer PZU, and other private-sector partners we aim to support investment funds and, indirectly, approximately 250 innovative and growth-oriented Polish enterprises.Jarosław Dąbrowski, Member of the Management Board, BGK

Mr. Dąbrowski underlines that BGK has also activated its investment vehicle, Vinci.

This year Vinci has allocated over PLN 170 million to promising Polish technology companies. By 2027, we aspire to reach approximately PLN 13.5 billion in equity investments. Our ambitions are considerable, as Poland urgently requires new investment impulses. Through initiatives such as these, BGK can help position our country as a regional hub for innovation and technology and sustain a robust pace of economic growth.Jarosław Dąbrowski, Member of the Management Board, BGK

BGK also mobilizes private capital by leveraging resources from the National Recovery Plan (KPO) as the principal operator of the loan component. The bank finances investments by enterprises and municipalities in strategic domains such as green urban transformation, modernization of energy networks, and digitalization, thereby attracting private capital for co-investment.

Bank Gospodarstwa Krajowego (BGK) is a Polish development bank, supporting the country’s sustainable economic and social growth. BGK is the only institution of its kind in Poland. Operating for over a century, BGK finances investments in infrastructure, housing or entrepreneurship. It is also involved in strategic initiatives, including defense and energy transition. The bank works with both the public and private sectors, mobilizing capital to fund projects that address key national challenges. BGK has international offices in Brussels, Kyiv, and Frankfurt am Main. It plays an important role in implementing EU Funds and Poland’s National Recovery Plan.