The draft law on “Polish SAFE” was published on the president's website. As we read in the document, the regulation “specifies the principles of operation, collection and expenditure of funds, as well as control and audit of the Polish Defense Investment Fund.”
The fund would operate within Bank Gospodarstwa Krajowego. The government would gain a majority in managing the fund, and the minister of national defense would play a key role. PGIO would be supplied not only with part of the profit of the National Bank of Poland, but also with funds from credits, loans, bond issues and other sources of financing.
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The project also provides for the creation of a Fund Council and a Steering Committee. The government will have a majority in both bodies. However, a 2/3 majority of votes would be required to make a decision, which would mean that it would not be possible for a representative of the president and/or the National Security Bureau to make a decision.
Fund Council will be composed of: the Minister of Defense, the Minister of Finance, a representative of the government, as well as a representative of the President and the National Security Bureau. On the other hand Steering Committee will be composed of representatives of: the Ministry of National Defence, the president, the prime minister, the Ministry of Internal Affairs and the National Security Bureau.
Bill was published on the president's website.after Tuesday's meeting of Karol Nawrocki with the President of the National Bank of Poland, the Prime Minister and the Minister of Defense. The bill has already been submitted to the Sejm.
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Justification of the project
As we read in the justification for the project, the basic source of financing for the Polish Defense Investment Fund will be funds from the profit of the National Bank of Poland.
“This mechanism involves transferring part of the NBP profit to the Fund, where these funds can be immediately allocated to financing long-term investment projects, bypassing the restrictions resulting from annual budget planning,” we read.
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“In accordance with the concept presented by President Karol Nawrocki and the President of NBP Adam Glapiński on March 4, 2026. The profit generated by the NBP, resulting from the growing market valuation of Polish gold and currency reserves, is to be directed directly to financing defense purposes through the newly established Fund,” we read in the justification.
However, the drafters point out that the current provisions of the Act on the NBP prevent the full use of the increase in value to support defense investments.
Minister of Finance Andrzej Domański has firmly distanced himself from the SAFE 0% concept. In his opinion, the project only serves to justify the veto against the European SAFE fund. He also criticized the NBP's actions, assessing them as a form of pressure, and noted that the proposed financing model would be much more expensive than the European program.
