Under the programme, Poland stands to receive up to EUR 43.7 billion in loans for military equipment purchases.
Nawrocki said he had 21 days to decide whether to sign the legislation and would not announce his decision yet.
He met with Glapiński on Wednesday to discuss what he described as a "Polish alternative" to the EU initiative.
The president reiterated concerns about the EU programme, including the conditions attached to disbursement of funds and the long repayment period, which he said would run until 2070.
He also argued that the SAFE defence investment programme could infringe on EU treaty provisions assigning responsibility for national security to member states rather than EU institutions.
“We have a concrete, Polish, safe and sovereign alternative that will not involve any financial interest costs—this is SAFE 0%,” Nawrocki told a news conference.
He said the proposed mechanism would provide PLN 185 billion zlotys (around EUR 43.4 billion) for defence without taking on EU loans and would allow greater flexibility in choosing equipment.
Nawrocki said he would send invitations to Prime Minister Donald Tusk and Defence Minister Władysław Kosiniak-Kamysz for talks on the plan.
He added that he was prepared to submit a legislative initiative if necessary.
Glapiński said the central bank would not use foreign exchange reserves to finance the proposal, calling that illegal.
Instead, he suggested that profits transferred from the central bank to the government—as provided by law—could be directed to the Armed Forces Support Fund.
"Funds will be transferred, as the law requires, to the government and the Armed Forces Support Fund,” Glapiński said, adding that further details would be presented after consultations with government officials, including Finance Minister Andrzej Domański.
Nawrocki said the funds under “SAFE 0%” could be used to purchase equipment deemed most necessary for the Polish military, including US-made F-35 fighter jets and ammunition, without what he described as the financial and political constraints of the EU programme.
The government has said most of the money available under the EU SAFE instrument would be spent on equipment produced primarily by Poland’s domestic defence industry.
According to the defence ministry, Poland has submitted 139 projects under the EU programme, including air defence systems such as the Piorun launcher, Borsuk infantry fighting vehicles and Krab self-propelled howitzers.
Plans also include the possible purchase of aerial refueling tankers produced by European aerospace company Airbus, Polish state news agency PAP reported.
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Source: IAR, PAP