• PKO Bank Polski supports NATO’s “Call to Action” initiative, aimed at increasing private capital investment in defence capabilities, security, and resilience across Allied nations.
• PKO Bank Polski is actively engaged in initiatives that combine public and private capital to support defence-sector companies in scaling up their operations, expanding production capacity, and strengthening their technological capabilities.
• The bank has joined a group of financial institutions participating in the NATO initiative alongside Banco Santander, Barclays, BNP Paribas, Citi, Deutsche Bank, NatWest, Danske Bank, the Business Development Bank of Canada, and the NATO Innovation Fund. Together, these institutions have already mobilised USD 217 billion in capital for security- and defence-related purposes.
• According to PKO Bank Polski’s analyses, Poland’s defence modernisation programme could generate a cumulative demand impulse of nearly PLN 1.3 trillion by 2035, supporting economic growth, investment, and the development of domestic industry.

PKO Bank Polski supports NATO’s call to the financial sector to increase private capital involvement in developing defence capabilities and strengthening the security of Allied nations. The “Call to Action” initiative was presented during the NATO Summit Defence Industry Forum in Ankara on 7 July 2026.

PKO Bank Polski joined the initiative alongside other financial institutions, including Banco Santander, Barclays, BNP Paribas, Citi, Deutsche Bank, NatWest, Danske Bank, the Business Development Bank of Canada, and the NATO Innovation Fund. Collectively, these organisations have already mobilised USD 217 billion for security and defence projects.

Capital for the Security of NATO Nations

During the event, NATO Secretary General Mark Rutte stressed that the current geopolitical environment requires a significant increase in investment in defence capabilities. He also noted that while the defence sector is attracting more private capital than in the past, “it is still nowhere near enough.”

The programme envisages broader use of both debt financing and equity investments. At the same time, member states are expected to develop national financial instruments and promote co-investment models combining public and private funds. Mark Rutte described the launch of the initiative as “only the beginning” of broader cooperation with the financial sector.

For PKO Bank Polski, the directions outlined by NATO are fully aligned with the bank’s existing lending policy towards defence companies and dual-use enterprises.

PKO Bank Polski Brings Together Capital for the Defence Sector

PKO Bank Polski remains committed to financing projects that strengthen national security and resilience. The bank offers companies operating in these sectors comprehensive financing solutions for both investment projects and day-to-day operations, including lending and trade finance products.

Through the financing provided by the bank, companies can expand their operations and fulfil contracts within supply chains connected to the SAFE programme and other defence procurement financing schemes.

“NATO’s appeal highlights a very simple fact: security requires capital. Companies operating in defence, security, resilience, and dual-use sectors need financing to increase production, invest in technology, and execute larger contracts. PKO Bank Polski undertakes initiatives that combine public and private capital. This enables companies to grow faster and operate on a larger scale. We want as much of the investment in security as possible to contribute to the development of the Polish economy as well,”

said Szymon Midera, President of the Management Board of PKO Bank Polski.

Defence Investments Drive Economic Growth

The importance of efficiently organised financing will continue to increase as spending on security rises.

According to the report “Military Spending – Security and Growth” prepared by PKO Bank Polski economists, Poland’s defence modernisation programme could generate a cumulative demand impulse of nearly PLN 1.3 trillion by 2035.

The analysis indicates that as the modernisation process progresses, domestic production will play an increasingly important role, creating additional economic benefits.

Under favourable conditions — including adequate fiscal space and limited dependence on imports — the multiplier effect of defence investment could exceed 1.5 during the initial years. This means that every PLN 1 million invested in defence could generate more than PLN 1.5 million in added value for the economy.

The report’s authors emphasise that the assessment of higher defence spending should not be limited solely to its impact on public debt levels. According to PKO Bank Polski economists, the potential costs of increased defence expenditure are negligible compared with the economic and fiscal costs of a potential armed conflict that such investments help to prevent.

They also note that underinvestment in the domestic defence industry would mean lost opportunities for stronger GDP growth (the so-called fiscal effect), higher employment, greater innovation, and further development of national infrastructure.

PKO Bank Polski was represented at the NATO summit in Ankara by Michał Sobolewski, Vice President of the Management Board of the bank.

PKO Bank Polski is the largest bank in Poland and plays a key role in financing the national economy. At the end of 2025, the total value of financing provided by PKO Bank Polski, PKO Leasing, and PKO Faktoring — including loans to businesses, local governments, and individual clients, as well as leasing and factoring services — amounted to PLN 327 billion.