Polish Development Fund launches aid programme for large companies

"We are waiting for the EC's approval of equity instruments," PFR President Paweł Borys announced. Tomasz Gzell/PAP

The Polish Development Fund (PFR) on Tuesday launched a project whereby large Polish companies with over 249 employees could submit requests for coronavirus-related assistance. The programme is worth PLN 25 billion (EUR 5.7 billion), PFR said in a communique.

The PFR is still waiting for official approval of equity instruments under the programme and has already concluded a consultation process with the EC.

"We are waiting for the EC's approval of equity instruments. Final talks regarding this subject were held on Tuesday morning. The programme has been agreed upon and we expect to receive approval in the coming days. Taking into account that both the content and conditions have been agreed upon with the EC and the Polish government, we can launch 'a financial shield' programme for large companies," PFR President Paweł Borys announced during a videoconference.

The planned financial instruments for large companies include preferential loans worth PLN 10 billion (EUR 2.3 billion) to ensure the liquidity of large companies and preferential credits worth PLN 7.5 billion (EUR 1.7 billion) to compensate for losses caused by coronavirus-related sanitary restrictions.

By Monday, the PFR had already paid out PLN 46.5 billion (EUR 10.6 billion) to SMEs as part of assistance programmes designed to counteract the effects of the coronavirus epidemic. The funds went to 246,768 companies which, as a whole, employ 2.4 million people.

Under the Financial Shield, micro companies are to receive a total of PLN 25 billion (EUR 5.7 billion) in government aid and large companies are to get the same amount. Small and medium-sized firms will be offered PLN 50 billion (EUR 11.03 billion) in total.