In brief

• BGK and Italy's CDP have signed their first memorandum of cooperation, which sets the framework for long-term action.
• The scope covers development financing, equity and venture capital, instruments for SMEs, and social housing.
• The institutions plan joint actions under InvestEU and in partner countries outside the Union.

First agreement between the institutions

Poland's BGK and Italy's development institution CDP have concluded a memorandum that is to serve as the basis for their cooperation. It is the first document of this kind between the two institutions (BGK podpisał memorandum o współpracy z włoską instytucją rozwoju CDP – wnp.pl) (BGK wzmacnia współpracę z włoską instytucją rozwoju CDP – BGK). The signing took place in Warsaw, and CDP's Director General Dario Scannapieco attended the meeting together with BGK's management (Italia-Polonia, intesa Cdp-Bgk sul sostegno alle imprese - Italypost – italypost.it) (Italia-Polonia, primo MoU tra Istituzioni di Sviluppo: CDP e BGK rafforzano cooperazione | Teleborsa.it – teleborsa.it).

Scope of cooperation

The memorandum sets the framework for long-term cooperation in financing development projects and joint investments. The agreement covers equity investments in companies and the venture capital segment, as well as the creation of new financial instruments and guarantees for SMEs. The institutions also intend to work in the areas of social housing, sustainable finance, and projects related to Europe's economic security and resilience.

EU programmes and external markets

They also plan joint investment and development ventures in partner countries outside the Union, as well as the exchange of experience regarding EU regulations.

Context

The agreement does not contain financial data, such as amounts or investment limits, so its scale is difficult to assess. The institutions state that the goal is to strengthen competitiveness, energy transition, innovation, and Europe's security.