The Polish cabinet has approved a draft bill that will allow the state to provide 60.2 billion zloty (€14.1bn, $14.5bn) of funding for the deployment of the country’s first nuclear power station.

The funding is intended to cover 30% of state-owned project company Polskie Elektrownie Jadrowe's (PEJ) capitalisation, with the remaining 70% portion to be sourced from foreign borrowing.

A government statement said the decision is “a key element from an investment point of view”.

The government said external financing will be sought after the equity contribution is made by the state treasury. Warsaw has been negotiating financial support from export credit agencies, with several letters of intent announced over the past year.