Play establishes financing for critical infrastructure
Published: Sep 2026
Best Funding Solution
Highly Commended Winner
Play
Photo of Katarzyna Otko-Dabrowska, Citi and Marek Chruściel, Play.
Marek Chruściel
Director, Treasury, Investor Relations and Corporate Finance
Poland
Play is the leading mobile operator in Poland with over 15 million subscribers, offering comprehensive 4G LTE and 5G mobile, broadband and TV services. Part of the French Iliad Group, it provides highly affordable prepaid and contract plans, making it the most popular provider for both locals and travellers.
in partnership with
The challenge
Before implementing the EKN (Swedish Export Credit Agency)-backed solution, Play, a Polish mobile operator, was undertaking a 5G network expansion to deliver high-speed connectivity across all of Poland, including rural and smaller cities. This initiative required significant capital expenditure and a need for long-term (12-year), local currency financing to align with its revenue base and mitigate currency risks.
The catalyst for seeking this new solution was the sheer scale of the 5G rollout and the strategic partnership with Ericsson, which opened the door to ECA financing as a viable alternative to diversify funding sources and secure the tailored financial structure necessary for this critical infrastructure development.
The solution
The implemented solution for Play’s 5G network expansion was an EKN-backed local currency financing facility of PLN450m, guaranteed by EKN (Swedish Export Credit Agency) and arranged by Citi.
This approach was strategically chosen due to its unique benefits:
Long-term tenor: it provided a 12-year amortising facility.
Local currency alignment: the loan was denominated in PLN, aligning with Play’s revenues (99% in local currency) and eliminating foreign exchange risk.
Financial flexibility: the facility allowed for division into tranches and the refinancing of historical expenses, offering vital adaptability.
Credit preservation: EKN’s guarantee meant the financing did not impact Play’s existing credit limits with other banks.
Diversification: it provided a new, attractive source of funding, diversifying Play’s financial base.
“Receiving the Adam Smith Award for Best Funding Solution is a tremendous recognition for Play’s treasury team and confirms that innovative, tailored financing structures can play a real role in supporting the buildout of critical national infrastructure. This award is especially meaningful for us as it places Play among the leading European companies striving to achieve excellence in treasury management. We are truly grateful to the Adam Smith Awards committee for this recognition, to Citi for their partnership and expertise in structuring this solution, and to EKN for the support – their collaboration was instrumental in bringing this financing to life.”
Marek Chruściel, Director, Treasury, Investor Relations and Corporate Finance
Best practice and innovation
The judges commended Play’s solution as a standout demonstration of treasury’s evolution amongst Polish corporates, in this case mobile operator Play, which pulled off an ECA-backed, local currency long tenor financing for critical Polish infrastructure.
The EKN-backed solution focused on long-term local currency (PLN) financing. It directly addresses Play’s need to align its funding with its 99% local currency revenues, thereby eliminating foreign exchange risk. Providing long-term local currency funding in Poland is relatively uncommon, demonstrating the pioneering nature of this transaction.
Furthermore, the integration of this facility with a 12-year amortising tenor demonstrates exceptional financial engineering, offering stability far beyond typical commercial market terms. The EKN guarantee allows for this long-term, local currency funding without impacting Play’s credit limits, marking a strategic diversification of funding sources. This innovative blend of long-term local currency provision, risk mitigation, and credit preservation showcases a leading-edge approach to financing critical infrastructure.
Key benefits
Number of banking partners/bank accounts reduced.
Increased system connectivity.
The local currency financing solution successfully met the original aims of Play’s ambitious 5G network expansion project by securing long-term funding for 12 years with an amortising facility, a duration significantly beyond standard commercial offerings.
Crucially, the solution provided local currency liquidity PLN450m directly aligning with Play’s revenue structure and effectively eliminating the need to hedge against currency risks.
As a result, Play has seen several key benefits:
Enhanced financial stability.
Risk mitigation.
Operational flexibility.
Credit preservation.
Accelerated expansion.
This financing solution represents a significant strategic achievement, driving profound and measurable impacts across Play’s operations, market position and contributions to national infrastructure. The primary business impact is the accelerated and de-risked deployment of a substantial 5G network expansion. This enables Play to swiftly extend high-speed connectivity to a significant portion of the population, including those in rural and smaller urban areas, directly enhancing its competitive posture and market penetration.
Erik Emilsson
Global Network Banking, Poland Head, Citi
Citi is proud to have collaborated with Play and EKN on this remarkable achievement. Play’s ambitious 5G network expansion across Poland required a financing solution that went beyond the bounds of conventional markets. By leveraging Citi’s global presence to extend this long-term, EKN-guaranteed financing in Polish zloty, the funding is aligned with Play’s local revenues to effectively eliminate currency risk and preserve credit lines. This solution not only accelerated the delivery of high-speed connectivity across Poland, including rural areas, but also established a new benchmark for strategic, long-term infrastructure financing in the region. Citi is honoured to have supported Play on this transformative journey.
in partnership with
The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2026 awards attracted 635 nominations. To find out more please visit treasurytoday.com/adam-smith-awards
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