Poland's PZU plans to invest in dual military and civilian projects
03/12/2024 16:14
By Barbara Erling
WARSAW, Dec 3 (Reuters) - State-owned Polish insurer PZU
wants to finance projects of dual military and civilian use, the
company's president said, as the country ramps up defence
spending after Russia's invasion of Ukraine and ongoing
conflict.
PZU President Artur Olech said the company could finance
debt of existing projects or enter investment vehicles created
to finance new ones. He did not provide details but ruled out
purely military projects.
In August Polish Prime Minister Donald Tusk told a press
conference that the government did not intend to involve
companies controlled by the State Treasury in co-financing the
arms sector.
PZU's decision aligns with the broader European trend of
evolving financing strategies for security projects. In May the
European Investment Bank altered its long-standing policy of not
investing in military products by lifting restrictions on
dual-use investments.
It expands the bank's activities to cover equipment and
infrastructure that can be used for both defence and civilian
purposes, such as reconnaissance, surveillance or critical
infrastructure protection and drones.
(Reporting by Barbara Erling
Editing by David Goodman
)
((barbara.erling@thomsonreuters.com;))