BGK ECA-backed facilities for the K2 tank contract (KEXIM and Santander)
Financing the c.US$6.5bn Armament Agency contract with Hyundai Rotem for K2 tanks, technology transfer and logistics
Key terms
- Borrower or issuer
- Bank Gospodarstwa Krajowego (BGK)
- Date
- 9 Jan 2026
- Type
- Export credit
- Amount
- Not disclosed
Recorded terms
- Structure
- Long-term credit facilities from Banco Santander, Santander Bank Polska and KEXIM, with guarantee and insurance cover from KEXIM and K-SURE; proceeds to the Armed Forces Support Fund
- Lenders and arrangers
- Banco Santander; Santander Bank Polska; Export-Import Bank of Korea (KEXIM); cover from Korea Trade Insurance Corporation (K-SURE)
- Country
- Poland
Parties
- Bank Gospodarstwa Krajowego (BGK) borrower or issuer
- Lenders: Santander
- Public lenders and funders: Export-Import Bank of Korea (KEXIM), K-SURE
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 14 Mar 2025 | UKEF defence direct lending capacity raised by £2bn | Export credit | £2bn |
| 2 Mar 2025 | UK Export Finance-backed £1.6bn financing for Ukraine's LMM air defence missiles | Export credit | £1.6bn |
| 31 Oct 2024 | UK Export Finance support for Poland's NAREW air defence programme | Export credit | £7.7bn |
| 24 Jul 2024 | UK/Ukraine Defence Credit Support Treaty | Export credit | £3.5bn |
| 19 Sep 2018 | UK Export Finance support for Typhoon export to Qatar | Export credit | £5bn |
More from Bank Gospodarstwa Krajowego (BGK)
| Date | Financing | Type | Amount |
|---|---|---|---|
| Aug 2025 | BGK and Korean ECAs: guarantee and insurance framework for Polish arms purchases (at least US$5bn) | Export credit | US$5bn |
| 31 Oct 2023 | BGK US$1bn 6.25% notes due 2028 for the Armed Forces Support Fund | Bond | US$1bn |
Sources
About this record
Record DEF-2026-0001, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
Export credit agencies lend or guarantee against an export contract, which lowers pricing and stretches tenor for the buyer.
