Polish gov't to boost funding for its largest arms manufacturer - PM
The Polish government will increase funding for the Polish Armaments Group (PGZ), a holding company established to unite Polish state-owned defence industry companies, Prime Minister Donald Tusk has announced.
PGZ is Poland's largest and one of Europe's major arms manufacturers comprising over 50 subsidiaries.
"We have decided to increase funding for the Polish Armaments Group, and through PGZ, for Polish research institutes, both civilian and military, Polish state-owned and private companies," Tusk said at the International Defence Industry Exhibition (MSPO) in the central city of Kielce on Wednesday.
He added that this involves a loan agreement with the country's largest lender by assets, PKO BP, to the tune of PLN 2 billion (EUR 470 mln), "but in the near future it could be as much as PLN 12 billion (EUR 2.82 bln), in order to build a system that will be able to absorb tens of billions of euros from the SAFE [loan] programme [to rearm Europe], but not only that."
A signing of a strategic cooperation agreement between the PGZ and PKO BP is scheduled to be held at the MSPO later that day.(PAP)
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