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    European Investment Bank to Lend Over $1Bln to Poland's Energy Sector

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    The European Investment Bank will provide Poland with a loan for the country's energy and scientific sectors.

    MOSCOW (Sputnik) — The European Investment Bank (EIB) will provide Poland with a nearly one billion euros ($1.2 million) loan for strategic investments into the country's energy and scientific sectors, the EIB press service said in a press release on Wednesday.

    "At the Economic Forum in Krynica Zdrój the European Investment Bank (EIB) has confirmed its strong commitment to supporting the Polish economy by providing financing totalling almost EUR 1bn for strategic investments in energy and science," the statement read.

    The EIB will submit, in particular, 250 million euros for the modernization and extension of the electricity distribution system in central and northern Poland. Other two loans of 730 million euros will be allocated for scientific research and innovation activities within research institutions, universities and enterprises.

    Polish Prime Minister Mateusz Morawiecki noted at the signing ceremony that investments constitute "one of the pillar" of country's sustainable development.

    "Investments constitute one of the pillars of the government’s Responsible Development Strategy. We would like to fully utilize available financing sources both in terms of small and medium enterprises, as well as large-scale government initiatives," Morawiecki said, as quoted by the press release.

    In July, the International Monetary Fund (IMF) said in a report that the Polish government needed to work on enhancing structural economic reforms to ensure strong growth in the medium term.

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