The European Investment Bank (EIB) announced backing for the development and launch of two Earth observation satellites that will provide high-resolution imagery for civilian and defence applications in Poland. 

The EIB is lending €300 million to Bank Gospodarstwa Krajowego (BGK) for the project to support the European space industry with the latest technology in Low Earth Orbit (LEO) satellites. This comes after the EIB’s Board of Directors approved the EIB Group’s new Security and Defence Industry Action Plan which is intended to step up investments in the sector.

As announced, the project involves the design, assembly, testing and launch of a pair of satellites capable of capturing high-resolution images. It also includes two ground stations for controlling the satellites and downloading images, which will be used by the Polish Ministry of Defence, Ministry of Interior and governmental bodies such as the Polish Space Agency. 

The plan is for the two satellites to become operational by 2028.

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Boosting EIB Group support to safeguard Europe’s peace and security is one of the top 8 strategic priorities, outlined by President Calviño as part of the Group’s Strategic Roadmap welcomed by EU Finance Ministers.  

Following intensive consultations with the Bank’s shareholders, financial markets and key stakeholders, and the European Council’s mandate to further improve access to finance for European security and defence firms, last week the EIB Group’s Security and Defence Industry Action Plan was formally approved by the EIB’s Board of Directors.

As part of the Action Plan, the EIB Group has created a dedicated Security and Defence Office, providing a one-stop shop for security and defence investment, which offers streamlined financial support and expert assistance aimed at strengthening Europe’s security and defence capabilities.

The changes are expected to speed up investment and improve access to EIB Group financing for the European security and defence sector, deploying €6 billion in funding available under the Strategic European Security Initiative (SESI) and the European Investment Fund’s (EIF) Defence Equity Facility.

Also read: European Investment Bank | Support for the security and defence industry