Polish state bank BGK to support more power and transport projects
WARSAW Oct 10 (Reuters) - Polish state-owned development bank BGK will lend up to 2.5 billion zlotys ($805.15 million) within a month's time to help finance power and infrastructure projects also aimed at helping the economy grow faster, the bank said on Thursday.
Earlier this year Poland set up an investment vehicle called PIR, designed to support profitable infrastructure projects through buying out stakes in special purpose vehicles. The role of BGK in turn is to back specific ventures through lending.
"In a week we will announce a project for an energy company. Another one applies to a transportation firm. As to the first investment we will take bonds worth about 0.5 billion zlotys," BGK Chief Executive Officer Dariusz Kacprzyk told a conference.
BGK has already backed a 1-billion zlotys bond issue programme by Poland's No.2 power producer Tauron, while PIR announced this week it would support an upstream project by the country's refiner Lotos ($1 = 3.1050 Polish zlotys) (Repoting by Michal Janusz; Writing by Agnieszka Barteczko; Editing by Elaine Hardcastle)
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