On Tuesday, March 10, 2026, the President of the Republic of Poland, Karol Nawrocki, submitted to the Sejm a draft law on the Polish Defense Investment Fund. The presidential initiative establishing the Fund implements the concept of “Polish SAFE 0%.” The alternative to the European SAFE (Security Action for Europe) instrument was unveiled during a press conference with the participation of the President of the National Bank of Poland, Prof. Adam Glapiński, on March 4 this year.
Photo: Przemysła Keler/KPRP
The President of the Republic of Poland presented the assumptions of the project during a meeting with Prime Minister Donald Tusk, Deputy Prime Minister and Minister of National Defense Władysław Kosiniak-Kamysz, President of the National Bank of Poland Adam Glapiński, and Minister of Finance Andrzej Domański. The meeting was also attended by the Head of the Chancellery of the President, Zbigniew Bogucki.
According to the proposal, the Polish Defense Investment Fund would be established within Bank Gospodarstwa Krajowego (BGK) in order to finance the technical modernization of the Polish Armed Forces and other tasks aimed at strengthening national security and resilience.
The tasks to be financed from the Fund and the detailed spending plan will be defined in a multi-year program prepared by the Minister of National Defense and adopted by the Fund Council, titled “Multiannual Defense Investment Program,” according to the presidential initiative.
After last week’s meeting with the President of the National Bank of Poland, the President emphasized:
“We have a concrete, Polish, safe and sovereign alternative to the EU’s SAFE program, one that will not involve any financial interest.”
“We met with the President of the Bank to finalize the details of this project, which will guarantee PLN 185 billion that will not involve any interest, will not involve a loan lasting until 2070, and will not require changes in Poland’s situation within the European Union. At the same time, it will give the Polish Armed Forces the necessary flexibility in choosing equipment, whether from the EU or from other regions of the world,” the President said at the time.
To discuss the details of the proposal, Karol Nawrocki invited representatives of the government to the Presidential Palace.
The President, as Commander-in-Chief of the Armed Forces, also held consultations yesterday with the Chief of the General Staff of the Polish Armed Forces, Gen. Wiesław Kukuła, and the Head of the Armament Agency, Maj. Gen. Artur Kuptel, regarding the modernization process of the Polish Armed Forces in the context of the EU SAFE loan instrument.
The President has until March 20, 2026, to make a decision regarding the EU SAFE program (the law on the Security Enhancement Financial Instrument – SAFE).
Statement by the National Bank of Poland:
Prof. Adam Glapiński, President of the National Bank of Poland, immediately after leaving the meeting with the President of Poland, the Prime Minister, and the Minister of National Defense, stated:
“During the meeting I emphasized that the National Bank of Poland is an apolitical institution and does not participate in any political disputes. I presented concrete actions that the NBP can legally undertake and declared full readiness to implement them, which was accepted by the President.
Thanks to the prudent, preventive, and effective policies pursued by the National Bank of Poland in recent years, it is now possible to implement a project that will provide tens of billions of złoty annually over the coming years to the Polish government in order to finance the rapid development of a strong Polish army.
This is possible because the National Bank of Poland has earned and accumulated funds appropriate for this purpose.
Tomorrow I will present the details to all interested citizens of Poland.”
