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EBRD signs loans with Polish National Investment Funds
Eleven of the 15 National Investment Funds (NIFs), created under the Polish Mass Privatisation Programme (MPP), have now signed loan agreements for a total of US$ 33.48 million with the European Bank for Reconstruction and Development (EBRD).
The loans provide the NIFs with basic financing to begin operations and to provide professional investment management services to the 413 companies now being transferred to them. Another 100 companies are scheduled to be transferred later this year.
Ron Freeman, First Vice President of the EBRD, said: “The Polish Government is making real progress with their privatisation initiatives. The EBRD is assisting the Government in this effort by providing funds to the NIFs which will ensure that Polish companies in the MPP receive adequate financial and management support. This will improve the competitiveness of Polish industry in the lead up to EU accession.”
"Our next contribution will be providing capital to MPP companies, either directly or via local banks. We are also talking to some of the NIFs about their own future financing. Concrete proposals could be on the table sometime next year by which time we should see more companies in the Programme.
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