Polish Banks Gear Up for Ukraine’s Reconstruction: Strategy and Expertise

The process of Ukraine’s reconstruction is being discussed today at virtually every international venue — from economic forums to industry-specific conferences. But while politicians toss around billions rather abstractly, bankers are calculating specific risks and opportunities. And, by all indications, the Polish financial sector is quite serious about it.

For Ukrainian businesses seeking reliable partners and sources of financing, understanding the strategy of major foreign players is a key planning factor. The experience of Polish colleagues in working with EU funds and structuring large projects could become the foundation for new joint ventures.

Michał H. Mrożek, Head of Wholesale Banking for Central and Eastern Europe at ING, gave an interview to the Polish portal WNP, in which he explained in considerable detail how a major international bank views its participation in Ukraine’s recovery. The key takeaway: Poles aim to be not just intermediaries, but guides, leveraging their experience.

Who Is Ready to Enter

According to Mrożek, about 70 clients of ING from Poland, Ukraine, and a dozen and a half other countries in Europe, Asia, and the US have registered to participate in a roundtable dedicated to Ukraine’s reconstruction. These are not just curious onlookers — they are companies already calculating logistics, seeking partners, and assessing the scope of work. Details of the interview are reported by Polish online publication WNP.

“Based on conversations with our clients operating in the Ukrainian market, we see that companies already have activity plans ready for Ukraine,” the banker notes. “Projects in this country will be implemented using the same financial instruments that are applied today in Central and Eastern Europe.”

In this case, business serves as a kind of indicator: if major players are preparing, it means they assess the prospects as realistic.

I should note that many Polish companies have long shown interest in the Ukrainian market. While preparing this material, I spoke with some of them and they confirmed the trend voiced by Mrożek.

Why Polish Experience Matters

Mrożek highlights an important nuance: Ukraine does not have a long history of financing truly large-scale infrastructure projects through commercial banks. The country has mastered lending to the agricultural sector, trade operations, and the consumer market. But when it comes to multi-billion dollar investments to rebuild entire industries, different competencies are required.

“There is an insufficient number of reference points to effectively assess the risk profile of such enterprises,”

explains the ING representative.

This is where the experience of Poland and other Central and Eastern European countries comes to the fore. Over the past quarter-century, they have undergone massive modernization, learned to work effectively with European funds, and structure complex deals.

“The economic experience of Poland and other CEE countries in recent years will be incredibly valuable,”

Mrożek emphasizes.

Shifting Approaches to Financing

A separate issue raised by the banker concerns a sector that until recently was virtually closed to commercial lending. According to Mrożek, just two years ago, most banks’ policies didn’t even consider supporting defense enterprises. Today, the situation is changing.

“The geopolitical situation has changed so much that there is now an understanding: as part of our responsibilities as responsible market participants, we must participate in financing the defense needs of the countries where we operate,”

says the ING representative.

This is particularly relevant for Central and Eastern Europe, where the debate over bank involvement in financing the defense sector is most active. At the same time, as the example of Ukraine shows, it’s important not only to lend for arms imports but also to support domestic development and production.

Scale and Prospects

Estimates of the necessary investments for rebuilding the Ukrainian economy are published regularly. Recently, Poland’s Minister of State Assets, Wojciech Balczun, stated at the Davos forum that €506 billion will be needed through 2034.

This scale is confirmed by fresh data presented in the fifth Rapid Damage and Needs Assessment (RDNA5) report on Ukraine. It estimates needs at $588 billion.

What It All Means

Piecing together what the ING representative says paints a fairly clear picture. Polish banks and their clients aren’t waiting for a “golden shower” and don’t plan to enter Ukraine with a blank slate. They bring instruments, mechanisms, and competencies honed over years of their own modernization and integration into European structures. For Ukraine, this means reconstruction can proceed not through trial and error, but along a well-trodden path.

There’s another important point. Commercial banks are beginning to reconsider their taboos. What was recently considered unfinanceable is now becoming, if not mainstream, then at least an acceptable risk. And this isn’t charity — it’s a pragmatic calculation: security has become as much an asset as factories or logistics centers.

Finally, the numbers. $588 billion is not just an abstract figure from international organization reports. It represents a volume of work that those who know how to count money are ready to undertake. And if 70 companies are already registering for a roundtable on reconstruction today, tomorrow they may be registering their offices and accounts in Ukraine.

For now, the main takeaway is this: the preparatory work is in full swing. And it’s being led not by politicians with their declarations, but by bankers with their credit committees and risk assessments. Which, you’ll agree, inspires more confidence.