DOKE Exports Support Programme

Bank Gospodarstwa Krajowego manages the DOKE Program (interest-rate support for export credits) which is an instrument used to support exports financed with medium-term and long-term credits at fixed interest rates. It is a stabilization mechanism for interest rates on export credits (or interest make-up scheme) that can be extended to the buyers by Polish or foreign banks or international financial institutions. Mutual settlements of interest differences (subsidy or surplus) are carried out directly between BGK and the financing bank with whom a DOKE agreement has been concluded in relation to a supported export transaction.

About DOKE

The rules of the DOKE Program are based on the OECD Arrangement on Officially Supported Export Credits.

DOKE is an interest rate support tool (aka interest make-up scheme) listed in the Arrangement as one of the allowed forms of providing official financial support for export credits.

Export transactions with repayment terms of at least two years from delivery, which cover capital goods and/or services, may receive support from BGK with the use of the funds from the state budget. Financing for such transactions may only be provided at CIRR fixed rates (Commercial Interest Reference Rates) which are published by the OECD Secretariat on a monthly basis. They are the minimum interest rates that can be applied in export credit agreements in order for them to qualify for official support. Buyer's credit is a widely used form of financing export transactions. Alternatively, in case of supplier credits exporters may finance them with bank credits and thus have contracts fully paid right after delivery. Both buyer's credits and supplier credits, as the case may be, have to be insured against commercial and political risks by Korporacja Ubezpieczeń Kredytów Eksportowych KUKE S.A. (Export Credit Insurance Corporation).

In the DOKE Program BGK acts on behalf of the State Treasury as the administrator of the system and support provider and in this capacity carries out settlements of interest differences with the financing banks.

Information for Exporters

The DOKE Program is a form of support addressed to companies exporting capital goods. The support from the state does not provide any subsidies for exporters. As an instrument based on the OECD Arrangement, however, the Program gives Polish exporters a possibility to compete internationally on conditions similar to those available to companies from other OECD Member countries and Arrangement Participants.

Benefits of DOKE

  • Allows to expand export business to new markets
  • Enhances attractiveness and competitiveness of export offers
  • Particularly suitable in case of long-term transactions for capital goods
  • No need for exporters to increase their levels of credit liabilities
  • Cost-free procedure - BGK charges no fees for applications
  • Declaration on Polish origin is the only document to be issued by an exporter for DOKE purposes

Trade Finance Department
phone: +48 22 475 95 56

Information for Buyers

Buyers of Polish capital goods may take advantage of the DOKE Program by obtaining support for credits financing their purchases. Already at the negotiation stage transactions meeting the criteria may be presented to BGK. In order to do that an application for a DOKE promise should be sent in giving just basic information about the planned transaction. It requires only a few data on the export contract, credit and credit insurance. Since at the end of the DOKE procedure a DOKE agreement is concluded with a financing bank, it is expected that the bank plays an active role in the process from the very beginning.

In situations where the buyer has not decided on the currency of financing, the application may ask for fixing CIRR rates for more than one currency. A multi-currency promise is then issued by BGK with the condition that one of them is chosen for the credit agreement.

The credit may finance up to 85% of the export contract value. KUKE insurance premium may also be included into the credit amount. If the export contract provides for advance payments during the production phase, interest on such disbursements may be capitalized up to the contractual delivery date and added to the credit value. In all cases - irrespective of whether there are pre-delivery disbursements or not - repayments start always after the Starting Point of Credit (SPoC) which is the delivery date.

Benefits of DOKE

  • Interest rate risk eliminated at no cost for buyers as the CIRR fixed rates are guaranteed by BGK
  • Long repayment periods available depending on the industry sector and the country of destination of the exported goods
  • No repayments between the date of the credit agreement and SPoC, repayment periods start only on the delivery date
  • CIRR fixed rates make cost planning related to a particular transaction easier over longer periods
  • No fees are charged by BGK for applications
  • Simple procedure, all formalities can be arranged between BGK and the financing bank

Trade Finance Department
phone: +48 22 475 95 56

Information for Banks

The process aimed at obtaining DOKE support can be initiated by a bank, an exporter or a buyer. It is, however, expected that the bank participates actively in the procedure from the very beginning. Any bank expressing interest in financing an export transaction may conclude a DOKE agreement with BGK. There is no limitation as to the country of registration of such bank.

The DOKE agreement secures official support for a particular export credit and provides for mutual settlements of interest differences between the lender and BGK throughout the repayment period. At every maturity the following payments are made depending on the level of the cost of funding (amendment) of the export credit in relation to the CIRR  interest rate of that credit:

  • when the cost of funding is higher than the CIRR rate, BGK transfers the interest difference (or subsidy) to the lending bank, or
  • when the cost of funding is lower than the CIRR rate, the lending bank transfers the interest difference (or surplus) to BGK

For the purpose of these settlements the cost of funding is composed of a DOKE margin and the current short-term market interest rate for the currency of the export credit prevailing in a given interest period. The DOKE margin is fixed for each DOKE agreement and remains unchanged throughout its life. It depends on the value of the supported export credit and the length of the repayment period.

Benefits of DOKE

  • Guaranteed unchanged margins for lending banks in DOKE agreements
  • Credit-related risks reduced by KUKE insurance
  • Simple procedure with easy application forms
  • BGK charges no fees for applications

Trade Finance Department
phone: +48 22 475 95 56

DOKE Procedure

The Promise includes:

  1. Applicant's name
  2. BGK's obligation to enter into a DOKE agreement with the lending bank
  3. Validity date of the Promise
  4. CIRR interest rate of the export credit to be supported
  5. Accepted terms of an export contract, export credit and credit insurance


The Promise is valid for 120 days from its date.
If any of the three agreements (contract, credit, insurance) is not concluded within that time frame, an application for extension by not more than 60 days may be submitted to BGK. In that case, however, a new CIRR rate is fixed for the export credit.

The Application for Signing a DOKE Agreement must be received by BGK within the validity of the Promise.

The lending bank has to attach to the Application copies of all three agreements:

  • export contract
  • export credit
  • credit insurance policy

The DOKE agreement specifies:

  1. Parties to the agreement
  2. Principles of mutual settlements between BGK and the lending bank
  3. DOKE margin
  4. CIRR interest rate of the export credit
  5. Information on the export contract, export credit and credit insurance
  6. Fees and commissions charged by BGK
  7. Terms of termination of the DOKE agreement
Qualifying Criteria

Any export credit for the sale of capital goods which meets the requirements related to the officially supported financial terms and conditions may receive from BGK support under the DOKE Program. There are no requirements in respect of a minimum value of the transaction nor limitations as to the country of a buyer.

The main criteria of the Program are:

  • Exports of Polish capital goods / services where foreign content is not greater than 60% of the net revenues from an export contract, with few exceptions
  • Down payment of at least 15% of the contract value to be paid by the buyer before the Starting Point of Credit (SPoC) being the contractual delivery date
  • Export credit may finance not more than 85% of the contract valueRepayment period of the credit is not shorter than 2 years from delivery
  • Credits extended at CIRR fixed interest rates
  • Principal amount of the credit to be repaid in equal instalments not less frequently than every 6 months
  • Credits (buyer's credit or supplier credit, as the case may be) have to be insured by KUKE

For certain industries the terms of financial support are specified differently in some aspects and the details are contained in the Sector Understandings which complement the OECD Arrangement. These are:

  • sea-going vessels
  • nuclear power plants
  • civil aircraft
  • renewable energies and water projects

The following types of credits may be supported:

  • credits extended directly to foreign buyers or their banks to finance purchases of goods and services
  • credits extended to Polish suppliers in order to finance their credits granted by them to foreign buyers
  • credits for local costs (expenditure for goods and services in the buyer's country) directly related to the execution of export contracts
DOKE Regulations

The DOKE Program is governed by the following:

  • Act of Parliament on Interest Rate Support for Fixed-Rate Export Credits No. 2001-762 (consolidated text 2019-208) as amended

  • regulations of the Minister of Finance:
    • on the bank margin (DOKE margin) No. 2001-1517 replaced by the regulation No. 2007-1046
    • on the application for a DOKE promise No. 2001-1518 as amended by the regulations No. 2003-1742, No. 2005-589 and No. 2015-682
    • on implementation of some provisions of the Act No. 2001-1750 as amended by the regulations No. 2003-1743 and No. 2005-650
    • on costs of funding, short-term market rates and fees charged by BGK No. 2001-1751 as amended by the regulation No. 2003-1762
  • regulation of the Minister of Economy on the maximum foreign content No. 2014-1978

Any bank which extends an export credit meeting the criteria of the DOKE Program may conclude a DOKE agreement with BGK.

Banks which concluded DOKE agreements:

BNP Paribas Bank Polska S.A.
ul. Suwak 3
02-676 Warszawa
Departament Finansowania Handlu / Global Trade Solutions
tel. (22) 566 90 81

ABN AMRO | Global Export Finance
Carmen Jessurun
Head of Export Finance
Gustav Mahlerlaan 10 |
1082 PP Amsterdam | The Netherlands | PAC HQ0070
tel: +31 20 3833757 | mobile +31 623093356

Citibank International Limited
Citigroup Centre
Canada Square, Canary Wharf
London E14 5LB United Kingdom
Export & Agency Finance
Tel: +44 (0)2079865781

Dronning Eufemias gate 30, 0191 Oslo | P.O. Box 1600 Sentrum, 0021 Oslo
Global Export Finance | Shipping, Offshore & Logistics
tel: +47 915 04800

KfW IPEX-Bank GmbH
Palmengartenstr. 5-9; D-60325 Frankfurt, Germany
Maritime Industries
tel: +49-69-7431-2654 or +49-69-7431-9902