The cooperation agreement concerns the co-financing of investments, mainly in the areas of sustainable environmental protection, climate change mitigation and adaptation, improvement of energy efficiency and use of renewable energy sources.
The European Investment Bank (EIB) and the Polish Development Fund (PFR) have identified priority areas where they want to actively tighten cooperation in terms of financing, consulting and technical assistance for projects and programmes in the following sectors:
- renewable energy;
- water and sewage installations;
- clean energy and energy efficiency measures, including building renovation and conversion;
- green mobility;
- supporting the transition to a circular economy;
- greening the economy (especially SMEs and mid-caps);
- modernisation of heating networks;
- innovation in low-carbon and energy technologies, including hydrogen;
- technology transfer.
The agreement also covers cooperation in the field of green debt products (bonds or loans) and cooperation in the field of advisory services, also within the Green Hub.
The agreement on enhanced cooperation will enter into force on the date of its signature by both parties and will be valid for at least five years. It should be mentioned that both institutions have been cooperating with each other since 2020 and the value of already signed contracts is PLN 2.5 billion.
The European Investment Bank, being the European Union’s climate bank, scrupulously adheres to the principle that at least 40% of financing should be allocated to green transformation, and in the future it will be 50%. In 2021, EIB green financing reached 43% in Europe and 42% in Poland.
In the period 2022-2025, energy transformation financing will be one of the three basic pillars of the Polish Development Fund's activity. The main emphasis will be placed on the development of infrastructure helping to increase energy security and reduce the emission intensity of the Polish energy sector, both at the system and local levels. PFR will supplement commercial financing, enabling private business and local governments to implement green investments. There are plans to grant loans for photovoltaic and wind installations, heating systems and energy storage.
EIB Vice-President Teresa Czerwińska said: “This is a very important agreement for the EIB, which will expand the possibilities of financing "green projects". Increasing the share of renewable energy, sustainable environmental protection and increasing the innovation of low-emission technologies will ensure greater competitiveness and enable a more dynamic development of the Polish economy.”
“One of the strategic activities of PFR is the provision of capital instruments to carry out the energy transformation in Poland. As part of the dedicated PFR Green Hub programme, we create, among others: a network of business and institutional partners with whom we can jointly develop the Polish RES (renewable energy sources) market. I am pleased that such a strong partner as the European Investment Bank has joined this group”, said Paweł Borys, President of the Polish Development Fund.
Background information
The European Investment Bank (EIB) finances projects in four priority areas — infrastructure, innovation, climate and environment, and small and medium-sized companies (SMEs).
In 2021, the EIB Group provided €6.5 billion in financing to projects in Poland.
The Polish Development Fund is a group of financial and advisory institutions for entrepreneurs, local governments and private individuals investing in the country’s sustainable social and economic development. Our priorities are: infrastructure investments, innovations, development of entrepreneurship, exports and foreign expansion of Polish enterprises, support for local governments, implementation of the Employee Capital Plans programme and servicing foreign investments.