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MIKES

National · Poland · Bank Gospodarstwa Krajowego (BGK) / Ministry of Funds and Regional Policy, Poland — financed via National Recovery and Resilience Plan (KPO)

Fundusz Bezpieczeństwa i Obronności

LoansEquityDefenceDual-useSecurity
Ticket size
PLN 23 bn total fund; equity tranche ~PLN 7 bn (via Chrobry S.A.); loan tranche ~PLN 16 bn

About the programme

The Security and Defence Fund (FBiO) is a Polish national instrument capitalised from KPO (EU recovery) funds, totalling over PLN 22.5 bn, making Poland the first EU member state to redirect KPO money to security and defence.

  • It operates through two mechanisms: a loan arm managed directly by BGK (approx. PLN 16 bn, including zero-interest, partially forgivable loans to local governments for civil protection and dual-use infrastructure), and an equity arm of approx. PLN 7 bn executed through the special-purpose vehicle Chrobry S.A., which takes equity stakes in innovative defence and dual-use companies.
  • Eligible recipients include local governments, municipal enterprises, and private or state-owned businesses active in defence, deeptech, cybersecurity, and dual-use technology.

Why it matters

For defence-tech companies and start-ups, Chrobry S.A. offers direct equity investment — not just debt — which means capital without immediate repayment pressure and a state anchor investor that validates strategic relevance.

  • The model explicitly targets early-stage firms developing solutions for defence and dual-use applications, with PGZ potentially acquiring stakes later, providing a route to industrial integration and protection from foreign acquisition.
  • Loans are available for broader security-related infrastructure projects with favourable terms (up to 20-year repayment, partial forgiveness), widening the addressable pipeline significantly.

Calls & cycles

none tracked
No call cycle on record. Check the official programme page.

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