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State shareholdings to provide billions in investment capital from 2013


The government plans a multi-billion recapitalisation of BGK, the state bank, in 2013, and the creation of a state investment company under a new strategy designed to unlock billions of zlotys in state shareholdings to support investment and protect economic growth in the years ahead, treasury minister Mikolaj Budzanowski said on 13 October.

Under the plan, which was first outlined by Prime Minister Donald Tusk in his address to the Sejm the day before, the government will next year transfer to BGK PLN 10bn (approx. €2.4bn) worth of shares in state-controlled companies, which the bank will be free to sell to increase its lending capacity. Furthermore, the extra capital is expected to lift the bank’s own borrowing power by at least PLN 30bn (€7.3bn) and perhaps by as much as PLN 70bn (€17.1bn), further enhancing its ability to extend investment loans.

At the same time, the government will transfer a further PLN 5-7bn (€1.2-1.7bn) in equity stakes to a newly-created state investment company Inwestycje Polskie. Its task will be to support large, profitable investment projects through equity participation.

Mr. Budzanowski wants all privatisation revenues to be spent on investments from 2014 onwards.

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