Poland defence financing
Poland spends a larger share of GDP on defence than any other NATO member and funds much of it off budget: BGK's Armed Forces Support Fund, Korean and UK export credit, and EU SAFE loans. Every financing on file, with terms and primary sources.
Randeep Bubbra | Lawyer | Making defence financeable
Largest financing
UK Export Finance support for Poland's NAREW air defence programme, 31 Oct 2024.
By type
| Type | Financings | Funded (US$) |
|---|---|---|
| Export credit | 3 | US$9.8bn |
| Government finance | 1 | US$7.7bn |
| Bond | 1 | US$1.0bn |
Banks and lenders named
Santander (2), Export-Import Bank of Korea (KEXIM) (2), K-SURE (2), European Commission (SAFE) (1), UK Export Finance (1), Citigroup (1), J.P. Morgan (1), BNP Paribas (1).
Counts are financings on file where the bank or lender is named. All lenders.
Financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 29 May 2026 | Poland receives first €6.6bn SAFE disbursement | Government finance | €6.6bn |
| 9 Jan 2026 | BGK ECA-backed facilities for the K2 tank contract (KEXIM and Santander) | Export credit | Not disclosed |
| Aug 2025 | BGK and Korean ECAs: guarantee and insurance framework for Polish arms purchases (at least US$5bn) | Export credit | US$5bn |
| 31 Oct 2024 | UK Export Finance support for Poland's NAREW air defence programme | Export credit | £7.7bn |
| 31 Oct 2023 | BGK US$1bn 6.25% notes due 2028 for the Armed Forces Support Fund | Bond | US$1bn |
Totals are US$ equivalents of funded deals at approximate annual average rates; programme-level and conditional commitments are listed but left out. Records come from public, primary sources. How the register is built.