BGK continues to support Ukraine. The loss in the economy of this country exceeds EUR 600 billion

BGK continues to support Ukraine. The loss in the economy of this country exceeds EUR 600 billion

- Preliminary calculations show that Ukraine stepped back in its economy by almost 50 years – says Beata Daszyńska-Muzyczka, the CEO of Bank Gospodarstwa Krajowego, which declares the support in rebuilding this country after the war. However, Ukraine still first and foremost needs help to win this war. BGK in consultation with the European Commission moved the unused funds for COVID-19 vaccinations to humanitarian aid for our Eastern neighbour already in March.

- The aid is needed, as after four months of the war, the estimated loss just in infrastructure, i.e., buildings, bridges, railway, schools, kindergartens, etc., so in what can be counted as fixed, already exceeds EUR 600 billion. The responsibility of the entire world today is how to address these losses, how to prepare a good recovery plan of Ukraine – Beata Daszyńska-Muzyczka says to Newseria agency.

The war in Ukraine has already been lasting over four months. Experts estimate that it will rather not end soon. Nonetheless, UN and European Commission are already working on the recovery plan for Ukraine that is to rebuild its economy from the ashes of war. It results from the project that German journal “Sueddeutsche Zeitung” reached in mid-May, that EC forecasts this process may last for over a decade. The funds for this goal – coming both from EU and other international partners – would be strictly connected with the reforms in this country so as to gradually bring Ukraine closer to Community membership. On the recent EU Summit, June 23, the European Council granted the status of candidate to Ukraine.

- It is being discussed now how to help rebuild Ukraine. However, the question is: who will we be rebuilding if we do not help Ukraine win in order for it can become a free and independent country – observes the CEO of Bank Gospodarstwa Krajowego.

As she emphasizes, in this moment the acts of war are still there, the aid for Ukraine should be focused first and foremost on transferring the funds for humanitarian and military aid, namely for  the purchase of weapons.

- It will not be possible for Ukraine to win without supplying the weaponry. And if it has power to win and regain independence within the borders from before the attack on Crimea in 2014, then we can start thinking about how to rebuild Ukraine, how to help it win back its country – Beata Daszyńska-Muzyczka.

From the very beginning Bank Gospodarstwa Krajowego has been involved in helping the Eastern neighbour. It has donated PLN 30 million for the humanitarian aid for Ukraine. Moreover, in cooperation with BLIK and the National Bank of Ukraine, it opened a special account into which anyone can donate money. The funds go directly to NBU that allocates them for humanitarian and military expenditure.

- Thanks to this, the National Bank of Ukraine may raise funds for humanitarian aid, but also support in rearming its army. The money is actually transferred there by regular people who can see what is happening, see the destruction, atrocities and donate even small amounts of money – the president of BGK says.

Apart from their own initiatives that the bank implements, recently it has started the cooperation with the European Commission in this area.

- Ukraine was an important business partner for us already when we were helping Polish entrepreneurs to expand on that market. It is only natural that we are searching for help in rebuilding these business opportunities – Beata Daszyńska-Muzyczka says. – Now we are preparing propositions and programmes that will be presented to the European Commission on the so-called investment meetings. And I think they can also be an inspiration for others how to help.

As the operator of the funds from European Commission for the Eastern Partnership countries, BGK has taken the initiative to transfer part of the unused funds from this instrument to humanitarian aid in Ukraine. Therefore in March this year, it turned to the European Commission that has agreed to move the funds. As a result, right after the war broke out, in cooperation with Solidarity Fund PL, BGK proceeded to organize humanitarian aid for fighting Ukraine.   

- We have used part of the aid that was intended for vaccines. In agreement with the European Commission we managed to transfer EUR 10 million. With this money we can deliver food, medicines and ambulances, 25 of which have already reached Ukraine – the president of Bank Gospodarstwa Krajowego says.  

In Lviv on July 1, Solidarity Fund PL, in the presence of European Commission members, Polish Minister of Foreign Affairs and Bank Gospodarstwa Krajowego, donated 25 ambulances for Ukrainian partners. Ultimately they will get to the east part of the country in a war zone.