EIB signs EUR 170m loan agreement to support Polish science sector

The funds will help finance fundamental scientific activities of the institutes and the research units belonging to the Academy.

·         The Polish Academy of Sciences will receive a EUR 170m loan for fundamental scientific activities

·         The EU Bank has supported the Polish science sector through 19 projects since 2004

The European Investment Bank (EIB) and the Polish Finance Ministry have signed an agreement to support the Polish Academy of Sciences (Academy) with a EUR 170m loan for the years 2019-2020. The funds will help finance fundamental scientific activities of the institutes and the research units belonging to the Academy. The EIB loan will complement financing by the Ministry of Science and Higher Education.

Vazil Hudák, Vice-President of the EIB and responsible for operations in Poland, said: “Boosting research and development is a key element to help Poland become a knowledge-based economy. For this reason, the EIB lending activity to Poland’s public sector, traditionally focused on large transport infrastructure and urban development, has also special attention for innovation, skills, and science. This project results from the excellent cooperation between the EIB and Poland’s Ministry of Science and Higher Education, underpinned by 19 projects financed by the Bank since 2004”.

Marian Banaś, Minister of Finance of Poland, said: “The EIB remains our main partner among the international financial institutions; therefore I am very happy to sign a new agreement with the EIB, which will provide financing for the much-needed projects in the area of research and science. The EIB not only provides long term financing at favorable terms but also brings its expertise which is crucial in preparing such projects.”

This is the third EIB loan to the Polish Academy of Science in 6 years. Both previous projects were fully disbursed and successfully implemented. The EIB support to the Academy has translated into an upward trend for indicators such as income from third parties, a number of patents granted, citations of articles in scholarly journals and number of Ph.D. degrees awarded.