ANNOUNCEMENT 15 Jun 2015

On 15 June 2015, Polish Eximbank Bank Gospodarstwa Krajowego (BGK) granted a loan to Polish company Boryszew Group in order to help finance the company's development in China, India, and Mexico. 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

REPORT OF THE MANAGEMENT BOARD ON THE ACTIVITIES OF THE BANK GOSPODARSTWA KRAJOWEGO GROUP IN 2015:
https://www.en.bgk.pl/files/public/en/files/investor_relations/annual_report/Annual_Report_2015.pdf

BGK press release, June 15, 2015, The Boryszew Group obtained financing from BGK for the development of the Maflow Group
https://www.bgk.pl/aktualnosc/grupa-boryszew-pozyskala-finansowanie-bgk-na-rozwoj-grupy-maflow

Inception date: 15 Jun 2015 | Removal date: open ended

Financial assistance in foreign market

On 15 June 2015, Polish Eximbank Bank Gospodarstwa Krajowego (BGK) granted a EUR 10 (USD 11) million loan to Boryszew S.A. in order to foster the group's foreign expansion. More specifically, the loan will be used to further the Polish company's development of its sites in China, India, and Mexico.

Boryszew is a Polish industrial manufacturer with a focus on automotive components manufacturing. It has an international presence in Europe, Asia, North and South America.

In this context, Dariusz Kacprzyk, President of the Management Board of BGK, declared: "By providing financing to one of the largest Polish industrial groups, which is Boryszew, we are counting on long-term cooperation, which will result in future loans for the development of the Group's operations, both at home and abroad. It should be emphasized that the long-term loan based only on foreign assets, without KUKE SA insurance, is a new chapter in the history of supporting broadly understood exports. This is another transaction, after loans for Inpost Canada and Wielton SA, in which BGK uses innovative solutions aimed at supporting the operations of foreign Polish companies. Thus, we confirm our role as a development bank, being a partner of first choice for companies wishing to develop their foreign operations".

The GTA includes state guarantees, loans and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.

 
 

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