Poland’s banking sector is increasingly treating Ukraine’s reconstruction as a long-term business opportunity rather than a distant post-war scenario. A survey by the Polish Bank Association shows that commercial banks are already seeing demand from clients interested in infrastructure, energy, transport and modernisation projects. The main constraint is not a lack of interest, but the amount of risk private lenders can realistically carry while the war continues.
The survey covered 141 banks representing more than two-thirds of the Polish banking market by assets. Among participating commercial banks, 92% said they were interested in taking part in business processes connected with Ukraine’s reconstruction. The rest said their involvement would depend on the end of the war.
For Poland, this is about more than financing assets across the border. The country can serve as a financing centre, logistics gateway and supplier base for companies expanding east. Polish construction groups, transport operators, energy companies, manufacturers and technology firms are among the businesses most likely to seek funding for Ukraine-related contracts.
Demand is already coming from corporate clients
Every commercial bank that answered the question on client demand reported interest from businesses in participating in reconstruction-related projects. Polish companies were cited most often, followed by mixed Polish-Ukrainian and international structures.
The preferred instruments are familiar: investment and working-capital loans, importer financing, bank guarantees and participation in lending consortia. That suggests companies are already exploring contracts and partnerships rather than waiting for a single future reconstruction programme to begin.
Infrastructure, transport and energy stand out
Commercial banks see the greatest potential in infrastructure, transport and energy. These sectors will require large volumes of capital and long financing periods, while also creating demand for Polish engineering, construction and industrial companies.
Cooperative banks are more cautious about direct exposure, but see opportunities in construction materials, logistics, municipal infrastructure, agriculture and food processing. Their role may therefore emerge through financing Polish SMEs participating in supply chains.
This distinction matters because rebuilding Ukraine will not be limited to a handful of huge projects. It will also create thousands of smaller orders for equipment, services, materials and local infrastructure.
The central issue is who carries the war risk
Bank appetite alone will not be enough. Lenders expect governments and international financial institutions to absorb part of the risks that cannot be priced in a normal commercial transaction.
Among the most important tools cited are war-risk mitigation mechanisms, export and investment guarantees, export-credit insurance and portfolio guarantees. Banks also want clearer legal frameworks and stronger cooperation with institutions such as BGK, KUKE and international development banks.
A project can be economically attractive and still remain impossible to finance if assets may be damaged by military action, contracts are difficult to enforce or the legal environment is uncertain. For private capital to move at scale, projects need predictable revenues, manageable contractual risks and credible public or multilateral risk-sharing.
Poland has an advantage, but not an automatic one
Poland’s proximity to Ukraine gives its banks a natural starting position. They already finance many companies that could become contractors, suppliers or investors, and Poland has extensive transport links as well as experience with EU-backed guarantee instruments.
But banks from other European countries and international financial institutions will compete for the most attractive projects. Polish lenders will need expertise in Ukrainian law, sanctions compliance, project finance and cross-border risk management.
If they succeed, part of the reconstruction spending could support investment and employment in Poland too. The real question is therefore not only whether Polish banks will finance Ukraine, but whether they can help Polish companies secure a meaningful position in one of Europe’s largest future investment programmes.
Sources: Polish Bank Association; Ukraine Recovery Conference 2026.
