BGK will grant guarantee to JELCZ Ltd.

Bank Gospodarstwa Krajowego will provide a guarantee for about PLN 200 million to JELCZ Ltd to finance the delivery of heavy-duty and extended mobility vehicles, among others.

The agreement was signed at the headquarters of the JELCZ Company on Thursday, May 15, by Waldemar Markiewicz, president of JELCZ Ltd, and Mirosław Czekaj, president of Bank Gospodarstwa Krajowego. The event was attended by Adam Leszkiewicz, President of the Management Board of Polska Grupa Zbrojeniowa S.A., Beata Rapa, Managing Director of BGK's Relations and Development Division, Mieczysław Martyniuk, Member of the Management Board of JELCZ Ltd, Tomasz Cichorski, Director of BGK's Lower Silesia Region, Anna Zięba, Relationship Expert at BGK's Lower Silesia Region.

Under the agreement, Bank Gospodarstwa Krajowego will provide a guarantee for the return of the advance granted, the beneficiary of which will be the State Treasury - Armaments Agency. As a result, Jelcz will receive a multimillion-dollar advance, which will be used to finance the delivery of P/S662D.43 augmented mobility heavy-duty vehicles and a logistics and training package in 2025.

Jelcz, which is part of Polska Grupa Zbrojeniowa (PGZ), is a natural partner for Bank Gospodarstwa Krajowego. The issuance of the guarantee proves that the bank is already implementing its strategy for 2025-2030. Under the first pillar, BGK will focus on activities that strengthen Poland's security, especially the modernization and development of the domestic defense sector, by supporting companies in this industry. Mirosław Czekaj, President of the Management Board of Bank Gospodarstwa Krajowego

The signed agreement is an important element in the process of increasing JELCZ company's production for the needs of the Polish army. It is very important that we can count on the support of a trusted and proven Partner, such as Bank Gospodarstwa Krajowego, in this regard. Waldemar Markiewicz, CEO of JELCZ Sp. z o.o.

Jelcz Ltd supplies its vehicles to all key modernization programmes of the Polish Armed Forces. Accelerating the technical modernization process also requires PGZ, including the JELCZ Company, to increase its production rate. This entails investment in new halls and production lines. It is not possible to finance this solely from our own resources, which is why we are using BGK support in this regard.” Adam Leszkiewicz, CEO of PGZ S.A.

JELCZ is a Polish company that has been producing motor vehicles for more than 70 years. Currently, being part of Polska Grupa Zbrojeniowa, it plays an important role in processes serving the technical modernization of the Polish Army. The company is a leader in the segment of supplying underbodies for specialized bodies for the Polish Armed Forces - underbodies in various configurations, of which the company has about 70 in its portfolio, are used in programmes such as WISŁA, NAREW and PILICA.

BGK is a wholly state-owned development bank that supports the country's sustainable social and economic development. The bank initiates and develops cooperation between business, the public sector and financial institutions. As of the end of 2024, BGK's assets amounted to nearly PLN 270 billion and its equity to nearly PLN 41 billion.