We return to our coverage of the Polish Ports 2030+ Congress, this time focusing on the panel discussion titled "Financial Security 2030+. No Capital, No Growth – Banking, Guarantees and Insurance," moderated by Krzysztof Wojtowicz of Deloitte Advisory. The panel brought together Artur Kucia, Director of the Strategic Client Department at PKO Bank Polski; Joanna Smolik, Director of the Strategic Relations Department at Bank Gospodarstwa Krajowego (BGK); Janusz Władyczak, President of KUKE; Marek Lewandowski, Director at Warta Insurance; Joanna Koselska, President of ATTIS Broker; Agata Kozieł, Managing Director of Saltus Ubezpieczenia; and Anna Wiosna, Founder and CEO of Blue Ocean Investments.

The discussion opened by highlighting the growing importance of the maritime economy to Poland's security and long-term development. The moderator recalled the minister's statement that "the maritime economy is the foundation of development, a source of national pride that underpins both growth and security," while pointing to the unprecedented scale of investments currently being delivered across Poland's maritime, port and energy sectors. He noted that the debate has shifted away from the question of where to find funding and increasingly focuses on whether port and offshore projects are sufficiently well prepared for banks, development institutions and insurers to commit financing.

From the very first round of interventions, the panellists agreed that the availability of capital is no longer the principal challenge. Artur Kucia of PKO Bank Polski stressed that most projects are well prepared and that liquidity is abundant across the market. He argued, however, that too few investments reach the commercial financing stage because many continue to rely primarily on public funding. Representatives of KUKE shared this assessment, noting that financial institutions currently have a stronger appetite for financing than the market has bankable projects to offer. They also pointed out that the international insurance market enjoys substantial underwriting capacity and is currently in what is known as a soft market, characterised by broad insurance availability and relatively low premiums.

Ports as Critical Infrastructure

A significant portion of the discussion focused on the changing role of ports. Krzysztof Wojtowicz asked what it means for ports to no longer be viewed solely as logistics infrastructure, but increasingly as pillars of national energy securityand, to a growing extent, national defence.

Artur Kucia stressed that, from the perspective of a commercial bank, this is not a new way of thinking. According to him, the financial sector has long regarded ports as critical infrastructure and has consistently supported investment across the broader maritime economy.

"Ports should not be seen merely as infrastructure enterprises, but above all as hubs around which entire economic ecosystems develop. They attract investment into shipbuilding, logistics, rail transport, inland ports and the rapidly expanding offshore sector. Their importance for both the economy and national security continues to grow" – he said.

He also highlighted the untapped potential for strengthening links between seaports and inland waterways, citing cooperation with ports along the Danube as an example and pointing to the opportunities for better integrating them with Poland's maritime gateways.

Offshore Is No Longer Just a Business

Another key theme of the panel was the changing approach of financial institutions towards offshore investments. Anna Wiosna, Founder and CEO of Blue Ocean Investments, emphasised that decisions on financing such projects are no longer driven solely by profitability and ESG criteria.

"Development finance institutions and commercial banks no longer assess offshore projects exclusively through the lens of return on investment and ESG metrics. The energy transition has become a pillar of national and defence security, while offshore wind farms, together with the associated port, installation and maintenance infrastructure, are now recognised as elements of critical infrastructure. This means that new categories of risk must be taken into account, including the physical protection of assets, cybersecurity and resilience against hybrid threats" – she said.

According to Wiosna, successful financing of offshore developments requires close cooperation between several types of financial institutions, each performing a distinct role.

"In practice, an ecosystem of complementary financing instruments has emerged, built on the synergy of three groups of institutions. The first comprises multilateral development institutions, such as the EBRD, which provide long-term capital while assuming part of the political and structural risks. The second consists of export credit agencies, including KUKE, which offer guarantees and credit insurance, enabling commercial banks to finance transactions that would otherwise exceed their standard risk appetite. The third pillar is formed by commercial banks, which provide working capital facilities and coordinate banking syndicates. This blended finance model distributes risk among the participating institutions and makes it significantly easier to mobilise private capital" – she explained.

Local Content

Another of the panel's central themes was local content—the participation of domestic companies in offshore and port projects. Artur Kucia noted that while the concept itself is far from new, the involvement of Polish businesses in the first wave of offshore wind developments remained disappointingly limited.

"Local content is not a new concept. Whenever projects are backed by public funding or financing linked to state policy, the participation of domestic companies should naturally form part of the investment. Yet during the first phase of offshore wind development, Polish firms accounted for only around 5% of project value—although I have also heard estimates as low as 1.5%. Regardless of the exact figure, the domestic share was negligible" – he said.

Asked whether banks could play a role in increasing the participation of Polish companies, Kucia stressed that financial institutions currently lack the tools to dictate contractors' procurement decisions.

"At present, we simply do not have such instruments. The final choice of subcontractors rests with the investor, and we cannot tell them whom they should work with. That said, projects with a clearly defined local content component are viewed more favourably. From a non-financial perspective, they represent additional value" – he explained.

He drew a parallel with the evolution of ESG financing.

"Before measurable indicators and KPIs were introduced, projects were simply considered more or less green. Once those metrics began to influence financing costs, banks paid much closer attention to them. I believe local content will follow a similar path. Once it can be properly measured and valued, it will increasingly influence the decisions of both investors and financial institutions" – he said.

At the same time, Kucia argued that the objective should not be to reward or penalise investors administratively based on the share of domestic suppliers.

"Today, the priority is to build awareness. More and more investors are actively seeking Polish partners, but every partnership must also make sound commercial sense. Choosing a local partner has to deliver tangible business benefits" – he concluded.

Joanna Smolik, Director of the Strategic Relations Department at Bank Gospodarstwa Krajowego (BGK), pointed out that banking regulations do not allow financial institutions to apply criteria based on economic patriotism. Nevertheless, she emphasised that the mindset within the sector is clearly evolving.

"We are doing everything we can to avoid excluding Polish businesses" – Smolik said.

She added that banks are increasingly moving away from automatically favouring contractors with the longest track records, recognising that such an approach would effectively shut out Polish companies that are only now building expertise in the offshore sector.

"Today, supporting local content is primarily about building relationships and changing the way institutions think, rather than introducing dedicated financial instruments" – she underscores.

How KUKE Helps Polish Companies Enter International Markets

The panel also explored KUKE's experience in expanding the international footprint of Polish companies through major infrastructure projects. One of the examples discussed was the US$1 billion modernisation of the ports of Lagos, Nigeria, a project that initially did not include a single Polish supplier.

"When we joined the transaction, there was no Polish content whatsoever. The project had been prepared by British partners, and we entered the financing with one condition: if we were to participate, we wanted Polish companies to be part of it. As a result, out of a financing package worth around one billion dollars, contracts worth approximately US$120–140 million will now go to Polish businesses" – said Janusz Władyczak.

He explained that KUKE's role extends well beyond providing financing. The institution actively connects international contractors with Polish suppliers who were previously unknown to companies leading large-scale investments.

"The main contractor in Nigeria had no knowledge of the Polish supply chain. We understand what components are required and we know which Polish companies are capable of delivering them. Our role is to bring both sides together and help Polish businesses become part of international supply chains" – he explained.

According to Władyczak, securing a place in one major international project often creates opportunities far beyond the initial contract.

"Between 14 and 16 Polish companies will participate in this project. After that, a snowball effect usually takes over. Once a company has become part of the supply chain for a major investment, it is frequently invited to participate in subsequent projects in other countries. In this way, Polish firms build valuable references and become natural partners for future international ventures" – he concluded.

The Energy Mix Is Changing

Another major topic of discussion was the transformation of the energy mix and its implications for project financing. Joanna Smolik pointed out that banks are finding it increasingly difficult to forecast the future cash flows of energy investments.

"Today, we simply do not know what our clients' revenue streams will look like around 2030" – she said.

The growing number of power generation sources, the rapid expansion of energy storage, and the future integration of renewable energy with nuclear power are making the long-term assessment of financial risk increasingly complex.

Geopolitical Risks Move Centre Stage

The closing part of the panel focused on the changing landscape of insurance risk. Brokers and insurers agreed that the outbreak of the war in Ukraine triggered a sharp increase in demand for war risk insurance. At the same time, they stressed that today's threats are largely hybrid in nature and no longer fit the traditional legal definitions of war, making them considerably more difficult both to assess and to insure.

Insurers also highlighted the rapid evolution of the offshore sector itself. Larger turbines, increasingly complex logistics and highly globalised supply chains mean that virtually every new offshore project differs from its predecessor. As a result, involving brokers and insurers from the earliest stages of project development has become increasingly important.

The panel ultimately reached one clear conclusion: capital is not in short supply. The greater challenge lies in preparing projects that satisfy the requirements of financial institutions, advisers, brokers and insurers, while adequately addressing emerging geopolitical risks and maximising the involvement of domestic suppliers. In the years ahead, the quality of project preparation—rather than access to finance—will be the decisive factor shaping the pace of development of Poland's ports and offshore sector.