Investment spending under the National Reconstruction Plan (KPO) could reach PLN 30-40 billion next year, Polish Development Fund (PFR) according to the president of Polish Fund of Development (PFR) Paweł Borys. Currently, there is PLN 20 billion in the accounts of the PFR to pre-finance these tasks.

In an interview, Paweł Borys said that the PFR has “all the time PLN 20 billion of funds from the financial shield in its accounts”. “We hope that in the coming months these funds from the KPO will be activated, because this programme is really accelerating. And next year these KPO expenditures may reach PLN 30-40 billion”, announced Borys.

At the same time, he stressed that if „it turns out that these funds from the EC are still not there, we will have to obtain financing for this, at least in the form of a bond issue”.

He stipulated, however, that no such decisions had been taken at this point.

The head of PFR recalled that “the Implementation Act, which implements the KPO, clearly states that the Polish Development Fund simply finances the KPO”. “It was also such a mechanism for the reason that there could be such a time difference between when these funds come in and when there are payments from various contracts. So, it was made to buffer liquidity”, he added.

Pawel Borys admitted that the PFR uses repayments from the financial shield to pre-finance the KPO. ‘But it would indeed be good for these funds to be received at the turn of the year’, he stated.

Poland requested the European Commission to modify the National Recovery and Resilience Plan, to which it also wants to add a chapter on REPowerEU. Polish government has asked for additional loans of €23 billion to finance the revised plan.

Together with the RRF and REPowerEU grant allocations (€22.5 billion and €2.76 billion respectively), these measures make the submitted modified plan concerned close to €60 billion.

Adrian Andrzejewski