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Bank Gospodarstwa KrajowegoPoland's state development bank plans to issue bonds worth up to PLN 18.5 bln for COVID-19 Fund in 2026
Poland's state development bank BGK stated in the fund's 2026 financial plan that debt financing for the Covid-19 Response Fund is planned through bond issuance up to a nominal value of PLN 18,500,000,000 (EUR 4.32 bln), including the zloty equivalent of foreign currency issues, the bank said in a statement. Bonds may be issued in both the domestic and foreign markets.
The bond issuance schedule for the Fund will be set considering the calendar of domestic government bond and treasury bill auctions.
Similarly, bond maturity dates issued for the Fund will align with the government's securities redemption schedule. Issuances may be conducted via auctions or private placements.
Total Fund revenues planned for 2026 amount to PLN 25,381,804,200 (EUR 5.93 bln), including: PLN 6,800,000,000 (EUR 1.59 bln) – contributions from the state budget, including the European funds budget; PLN 18,533,564,200 (EUR 4.33 bln) – bond issuance proceeds; PLN 14,800,000 (EUR 3.46 mln) – interest on Fund resources; PLN 33,440,000 (EUR 7.82 mln) – transfers from the Tourist Return Fund for repayments made by tour operators.
Fund expenditures planned for 2026 total PLN 25,367,705,913 (EUR 5.93 bln), including: PLN 18,517,505,913 (EUR 4.33 bln) – spending on tasks carried out by the minister responsible for state assets, the minister of energy, the minister of public finance, and the minister responsible for energy raw materials.
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