EIB grants Poland EUR 650-mln credit line to tackle COVID-19

EIB grants Poland EUR 650-mln credit line to tackle COVID-19 Nicolas Bouvy/PAP/EPA

The European Investment Bank (EIB) has granted Poland a credit line of EUR 650 million to finance actions related to tackling the COVID-19 pandemic, especially in the fields of health care and public protection, the EIB announced on Friday.

"The Minister of Finance has concluded a contract with the European Investment Bank (EBI), thanks to which Poland will gain a credit line to the tune of EUR 650 million to finance activities in the framework of fighting the pandemic," the bank stated in a Friday communique, adding that the aim was to ensure anti-crisis activities, especially in the fields of health care and public protection.

"Within the framework of the credit line, the EIB offers full, rather than the standard 50-percent, financing of qualifying projects," the release continued.

The EIB explained that the money from the credit line "can be used to cover financing of investments related to the ongoing pandemic."

The communique went on to explain that the intention of launching the credit line was to increase Poland's range of activities in response to the crisis and to enhance containment of the pandemic in the medium to long term.

In the case of health care, projects might include the purchase and delivery of medical and non-medical equipment, the adaptation of clinics and healthcare services, delivery and production of medicines and the co-financing of research work.

Programmes in the field of public protection might include, among others, ensuring infrastructure and equipment (for information and educational campaigns, among others), purchase of hygiene equipment and disinfectants, conducting research (including screening tests) and preventing the spread of infectious diseases.

The EBI and the Ministry of Finance also agreed that the bank will be able to finance the qualifying expenditures in full, rather than only to 50 percent of project costs, as is standard for the bank's credit lines.

EIB Vice-President Teresa Czerwinska said that increasing countries' resistance to the coronavirus threat was part of the EIB's mission to support the sustainable development and cohesion of Europe's regions.

Finance Minister Tadeusz Koscinski stated that the EIB has supported he government's activities for many years.