On the basis of the Act passed by the Council of Ministers on 28th July 2009 introducing the Export Support Government Programme Bank Gospodarstwa Krajowego (BGK) grants to foreign importers (directly or through the importer's bank) credits for financing purchases of Polish goods and services.

The primary business objective of BGK (English version website, Вебстраница на русском языке) is to provide banking services for the public finance sector, in particular through the support of the government's economic programmes, as well as local government and regional development programmes implemented with the use of public funds, including those of the European Union. The credit funds are disbursed directly to the Polish exporters. The foreign importers repay the credits on completion of the deliveries or services.

The credits granted to the foreign importers are insured by the Korporacja Ubezpieczeń Kredytów Eksportowych S.A. (Export Credit Insurance Corporation, „KUKE"), from the political and commercial risks.

The Government Programme includes the following instruments of financing Polish exports:

Medium- and long-term financing (repayment period of two years and more):
•  Buyer's credit granted through the importer's bank
•  Buyer's credit (product is currently in the process of implementation)

Short-term financing (financing period of less than two years):
•  Post-financing documentary letters of credit
•  Discounting receivables from documentary letters of credit

The products offered in short-term financing are applicable to the Documentary Letters of Credit opened by the banks registered in the countries of non-marketable risk.

How to obtain finansing?
1. The importer's bank initiates a transaction. Before the issuance of the Letter of Credit or in the letter of credit the importer's bank agrees upon the terms of the post-financing with BGK.
2. Once the post-financing conditions are confirmed by the issuing bank, BGK advises the L/C to the beneficiary and requests him to deliver declarations related to the contract and the Polish origin of the exported goods or services that are required by KUKE.
3. After receipt of KUKE insurance guarantee BGK informs the beneficiary about post-financing cover for the transaction.

Contact:
Bank Gospodarstwa Krajowego
Foreign Trade Support Department
Al. Jerozolimskie 7, 00-955 Warszawa
Tel. + 48 22 522 92 75 lub +48 22 522 96 65
Fax + 48 22 522 91 28
E-mail: dwhz@bgk.com.pl

Źrodło: BGK, KUKE S.A.