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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

US, Poland sign $2 billion defense loan agreement, State Dept. says

Poland's Prime Minister Mateusz Morawiecki delivers remarks with U.S. Vice President Kamala Har... Poland's Prime Minister Mateusz Morawiecki delivers remarks with U.S. Vice President Kamala Harris before their meeting in her ceremonial office in the Eisenhower Executive Office Building on the White House campus in Washington, D.C., U.S. April 11, 2023. REUTERS/Jonathan Ernst
Poland's Prime Minister Mateusz Morawiecki delivers remarks with U.S. Vice President Kamala Har... Poland's Prime Minister Mateusz Morawiecki delivers remarks with U.S. Vice President Kamala Harris before their meeting in her ceremonial office in the Eisenhower Executive Office Building on the White House campus in Washington, D.C., U.S. April 11, 2023. REUTERS/Jonathan Ernst

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The State Department said on Monday that the United States and Poland had inked an agreement for a direct loan of 2 billion dollars to help Poland’s ongoing efforts to modernize its military.

The agreement to provide foreign military finance is a step forward for the two nations’ defense cooperation when Poland attempts to increase its armed forces’ size in response to Russia’s invasion of Ukraine.

“Poland has demonstrated its ironclad commitment to strengthening regional security through its robust investments in defense spending,” the State Department said in a statement on Monday. “In addition to its central support role in facilitating international assistance to neighboring Ukraine, Poland has demonstrated its ironclad commitment to strengthening regional security.”

Poland is a key ally of the United States and has led the way in spending for NATO this year. According to projections made by the military alliance, Poland will devote 3.9% of its gross domestic product to achieving military objectives, which is over twice the 2% aim now in place.

According to the State Department, the United States will contribute $60 million toward the cost of the $2 billion loan that will be used to help pay for Poland’s defense modernization program with weapons acquisitions from the United States. The loan will help pay for Poland’s defense modernization program with weapons purchases from the United States.


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