The Ministry of Finance has plans to take out a loan of €1 billion from the European Investment Bank (EIB) to support local investments, Puls Biznesu reported.

The additional funds would be used to support projects in less developed regions, worth a combined €3.5 billion.

According to the Ministry of Finance, the funds will be distributed as grants for investment-related local projects for regional governments, although at this point it is impossible to designate specific areas that will receive the aid.

Andrzej Porawski, director of the Association of Polish Cities, was pleasantly surprised by the idea, but voiced concerns as to how the money will be distributed. Nevertheless local governments hope that the additional grants will above all help to finalize projects subsidized by the EU, since they are finding it increasingly difficult to put together the sums needed.

Poland A.M.