The EBRD’s Board of Directors has adopted a new strategy for Poland, which sets out the priorities for its activities in the country over the next three years.

Although the global financial crisis brought a rapid slowdown to the Polish economy, the country has managed to weather the crisis well in comparison to other countries in the region. This mainly relates to the fact that Poland entered the crisis with comparatively low domestic and external imbalances and that Poland has a large domestic economy which is less dependent on external demand.

The EBRD’s strategy points out that although the direct effects of the crisis have been less severe in Poland, prolonged adverse effects remains a risks.

“In the next three years, the EBRD will focus on selected sectors and areas, which may need the support from EBRD. The Bank will aim to support continued commercial bank lending, particularly to micro, small, and medium-sized enterprises, through long term capital funding, and will be supporting further development of local currency capital markets and structured products,” said Lucyna Stanczak, EBRD Country Director for Poland.

One of the key strategic objectives of the Bank will be to promote investment in the energy sector, with a special focus on energy efficiency and renewable energy, as well as the diversification of energy and fuel supplies, helping to enhance Poland’s energy security and  reduce energy waste and greenhouse emissions.

Another key strategic objective of the EBRD will be to support the Polish government in the privatisation of enterprises in key strategic sectors that remain under state control.

The Bank will also provide higher-risk products for local businesses, including those facing restructuring challenges, to fund their investments with a strong energy efficiency focus and also to promote competition. The Bank will also support the regional expansion of Polish companies through cross-border investments.

The EBRD will continue to cooperate with other international financial institutions and EU Structural and Cohesion Funds to support transport and municipal and environmental infrastructure investments.

As a part of the Bank’s crisis response activity, the Bank committed EUR 441 million for investments in Poland in 2009, of which two thirds went to the financial sector. In 2010 the Bank has continued to support the Polish economy in the post crisis environment, providing investments in excess of EUR 300 million so far this year.

To date the EBRD has committed approximately EUR 4.3 billion across 270 projects in Poland, mobilising additional investment of over EUR 13 billion.