BRD provides €10 million loan to Selena

The European Bank for Reconstruction and Development (EBRD) is providing a €10 million loan to Poland’s Selena, a producer of construction chemicals, the EBRD informed in a press release. The EBRD loan will support Selena’s further expansion to Kazakhstan, where the company already has a subsidiary which will benefit from a €7 million equivalent loan in the tenge currency. The proceeds of this portion of the loan will re-finance the acquisition of a local production company and the construction of a greenfield production plant. The remaining €3 million will be provided as working capital to the parent company. The Selena Group is investing in Kazakhstan to build manufacturing capacity and expand its product offer in the strategically important insulation systems product group. “We are operating in a highly unstable economic environment, so it is crucial to have various tools at our disposal to both boost our presence in the market of Kazakhstan and improve the way we take on the foreign exchange challenges that come with being a multinational company,” said Jarosław Michniuk, Selena Group CEO. Selena was founded in 1992 and has grown through acquisitions and exports. Today the company is present on four continents and has eight factories in Poland and seven abroad, with over 70 percent of sales coming from international markets.  Selena is listed on the Warsaw Stock Exchange.