IBEC supports Polish COVID Response programme

The International Bank for Economic Co-operation has participated in primary placement of COVID-19 Response bonds of the Polish national development bank Bank Gospodarstwa Krajowego (BGK). It is one of the oldest European development institutions, founded in 1924.

New 7-year bonds have been issued under BGK’s Euro Medium Term Note (EMTN) Programme on behalf of COVID-19 Response Fund and are irrevocably and unconditionally guaranteed by the State Treasury of the Republic of Poland. The size of new issue is EUR 500 million. Joint Lead Managers are Citi, Commerzbank, ING, PKO Bank Polski and Santander.

The funds raised will be used to finance programs combating the COVID-19 pandemic and its consequences, restore the most affected sectors of the economy, and support medical and social infrastructure.

From the very beginning of the pandemic, namely from the spring of 2020, IBEC has been actively using the opportunities to support COVID-19 response programs in its member states. The Bank participates in financing a number of important projects in the field of pharmaceuticals, medicine, insurance in Bulgaria, Poland and Russia. Against the background of a significant drop in activity in the field of international trade, IBEC has adapted its products for trade finance and, in cooperation with international and national development institutions, supports foreign trade activity in the regions of its presence.

Thus, by participating in the bonds placement of Bank Gospodarstwa Krajowego, IBEC in cooperation with national and global development institutions continues to actively support international programs that combat the COVID-19 pandemic.

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