Play Bond



Project number:


Business sector:

Telecommunications, Media and Technology

Notice type:


Approval date:

04 Nov 2020



PSD disclosed:

05 Mar 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The European Bank for Reconstruction and Development ("EBRD") invested in senior unsecured PLN denominated bonds with 7-year maturities, issued by P4 Sp. z o.o. ("Play"), a leading Polish mobile telecom operator.

Project Objectives

With its investment of PLN 100 million, EBRD supported Play's bond issuance financing the rollout of 5G technology in Poland.

Transition Impact

ETI score: 67

The Transition Impact stems from the following transition qualities:

  • Competitive: By supporting the rollout of 5G technology, the Project supports a key driver of digitalisation yielding significant economic benefits.
  • Green: The investment in state-of-the-art 5G technologies is projected to result in a substantial reduction in energy consumption per data transferred compared to 4G, thereby contributing to the Green Economy Transition.

Client Information


P4 Sp. z o.o. ("Play") is a leading mobile network operator in Poland providing mobile voice, messaging, data, TV and video streaming services for both consumers and businesses. The Company has been recently acquired by French Iliad S.A..

EBRD Finance Summary

PLN 100,000,000.00

Total Project Cost

PLN 500,000,000.00


EBRD's additionality stems from supporting Play's bond issuance at a time of reduced investor demand due to the COVID-19 pandemic and associated lockdown measures. The 7-year tenor is the longest tenor placed in the corporate sector in Poland since the beginning of lockdown measures in spring 2020.

Environmental and Social Summary

Categorised B under the 2019 ESP. Operations and upgrade of existing infrastructure to 5G mobile network will have limited environmental and social impacts. Environmental & Social Due Diligence (ESDD) has been carried out based on publicly available information, as this is a capital market transaction, and included review of the completed Environmental & Social Questionnaire and Company's Annual Report. The Company is an existing client and the ESDD concluded that E&S performance to date is satisfactory. The Company has implemented environmental, H&S and labour management systems based on compliance with EU legislation and monitors its performance through a set of E&S KPIs. The Company is employing close to 1400 staff (55% male, 45% female) has established HR and OHS policies and procedures in line with PR2 and PR4 including a formal employee grievance mechanism and anti-harassment policy. There are no plans for labour restructuring in the next three years. The capex works funded from the bond issue and related to 5G upgrades will be carried out on the existing network infrastructure, which minimises additional environmental impacts. The Company will use its existing contractor management systems to continue to monitor contractor's H&S performance and report to the Bank. The company provides non-financial information in their corporate annual report and is currently planning to expand Environmental, Social and Governance (ESG) disclosure. The Bank will continue to monitor the Company's E&S performance through review of Annual E&S Reports.

Technical Cooperation and Grant Financing


Company Contact Information

Tomasz Pozniak
+352 286 848 125
4/6, rue du Fort Bourbon L-1249 Luxembourg Grand Duchy of Luxembourg

PSD last updated

05 Mar 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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