Polish Development Fund issues bonds worth PLN500m for the EIB

The Polish Development Fund (Polski Fundusz Rozwoju) has issued debt securities with a nominal value of PLN500 million (about $136.5 million), which have been fully subscribed by the European Investment Bank. 

Proceeds from the issue will be used to finance the government's PFR Financial Shield programme for micro, small and medium-sized enterprises affected by the coronavirus pandemic. 

The bonds bear interest at 1.4% per year, and their maturity date is December 2027. If the relevant conditions are met, PFR may apply the Funding Advantage, which will lower the interest rate. The issued bonds are secured with a guarantee of the State Treasury.