GE and KUKE, Poland’s Export Credit Agency (ECA), have confirmed a €1 billion ($1.1 billion) export finance co-operation agreement.
GE in Poland will work with KUKE to secure debt insurance on agreed transactions, which will help facilitate capital investment, and enable a mix of renewable and gas power projects globally through Polish exports and supply chain.
Vishal Gulati, CFO, GE Energy Financial Services, said: “Partnering with Poland’s export credit agency will unlock and mobilise sizable capital to significant energy transition projects across the world. Access to competitive finance is critical in emerging countries to increase electrification, while addressing the energy trilemma of affordable, sustainable and reliable energy.”
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Under the agreement, GE will be the second global organisation to use KUKE’s financial instrument from its new export support programme. KUKE’s financing solutions from the programme serve to encourage industry players to invest, manufacture and export technology around the globe, including new markets, while supporting local supply chains in Poland.
Janusz Władyczak, CEO, KUKE, said: “We are delighted to partner with GE to support the company and its customers in the energy transition around the world. Through KUKE’s innovative financing solutions, we can effectively contribute to further business development of international companies in Poland that create new jobs, invest in R&D and co-operate with vast number of Polish companies.”
Slawomir Zygowski, CEO of GE in Poland, country Executive, said in a statement that the collaboration with KUKE will further strengthen Poland’s manufacturing and export capabilities, ultimately supporting the energy transition within Poland and across the world.
GE has an established footprint in Poland, employing around 4,500 employees in multiple GE businesses, including, Renewable Energy, Gas Power and Aerospace.
