Bank Gospodarstwa Krajowego is opening up to projects in the military and dual-use sectors

BGK’s presence at the conference in Bukowina Tatrzańska confirms that the institution is not only committed to the development of the Polish economy but is also actively seeking new sources of financing for key strategic projects. In light of growing geopolitical challenges, the bank intends to direct its resources toward sectors that can play a significant role in the country’s security and innovation.

Conference in Bukowina Tatrzańska

From March 9–12, 2025, the anniversary 25th Capital Market Conference took place in Bukowina Tatrzańska. It is one of the most important events for the Polish financial sector, attracting leading representatives of market institutions, investors, and experts from Poland and abroad.

During the three-day forum, participants had the opportunity to exchange experiences, analyze key trends, and discuss strategies to support the development of the capital market in Poland. The conference’s added value lies in its interdisciplinary nature—representatives from both the government and the private sector participate in the debates, which fosters the development of comprehensive solutions that strengthen the stability and competitiveness of the financial market.

The main topics discussed at the conference included macroeconomic forecasts for Poland and the world, trends in digital finance, and investor perspectives—including investor profiles, needs, and risk tolerance. Although the defense sector was not directly addressed, the topics covered at the meeting could have been of significant interest to its representatives.

Bank Gospodarstwa Krajowego

Jarosław Dąbrowski, a member of the management board of Bank Gospodarstwa Krajowego —the only development bank in Poland wholly owned by the State Treasury.

The bank’s mission is to support government socio-economic programs, promote regional development, and finance strategic infrastructure investments. BGK also plays a significant role in stimulating entrepreneurship by offering sureties and guarantees that facilitate access to capital for businesses and local governments. As such, the bank is a key element in building a stable and competitive Polish economy.

BGK Announcement

In an interview with Bankier , Jarosław Dąbrowski emphasized that BGK intends to “strengthen its presence in the area of equity investments.” He explained that his participation in the conference was aimed at establishing a dialogue with the investment sector, particularly in the context of investing in innovative technologies and the expansion of Polish companies into foreign markets, which is intended to contribute to strengthening the country’s security.

Bank Gospodarstwa Krajowego views the Polish stock market as one of the main areas for capital allocation. According to Dąbrowski, the measures announced by Minister of Finance Andrzej Domański, which include, among other things, “the introduction of tax breaks for long-term investments,” could significantly support these efforts.

Areas of Development

According to a statement by a BGK representative, the bank plans to focus its activities on three key areas:

The Reconstruction of Ukraine – investments in the construction sector, including both the reconstruction of existing infrastructure and the construction of new facilities. Dąbrowski emphasized that “Supporting Ukraine is a matter of fundamental importance for Poland".
Logistics – an area closely related to the previous one, because—according to Dąbrowski—Poland has the opportunity to play a temporary, though long-term, role as “safe haven" for Ukrainian capital.
Dual-use technologies – BGK intends to invest in sectors whose technologies can be used for both civilian and military purposes. Specifically, this includes drones, radio-location systems, and radars, which can be used both in everyday applications and in situations requiring defense support.

Dąbrowski also noted that, although the bank’s core business—as is the case with most financial institutions—remains loans, credit, and the distribution of funds from the National Reconstruction Plan—BGK also invests its own capital in companies with potential for international expansion, thereby supporting Polish exports.

Summary

BGK’s decision to increase its involvement in defense-related investments is in line with national priorities and global trends. As an institution that supports economic development, the bank views the dual-use technology and logistics sectors as both an opportunity to strengthen national security and a catalyst for the development of innovative solutions in Polish industry.

Its commitment to Ukraine’s reconstruction and to creating conditions for long-term investment indicate that BGK plans to play a key role in shaping the region’s strategic development directions. The initiatives presented confirm that the bank is not limiting itself solely to traditional forms of financing, but is increasingly boldly exploring new investment models that could have a long-term impact on Poland’s position in Europe and the world.