Sullivan & Worcester Advises J.P. Morgan on Landmark UK Export Finance (UKEF) Loan Agreement with the Kurdistan Regional Government
London, UK, December 21, 2016 – Law firm Sullivan & Worcester has advised J.P. Morgan on a landmark UK Export Finance (UKEF) loan agreement with the Kurdistan Regional Government.
The loan agreement was finalised and signed on 8th December by the Kurdistan Regional Government, and Louis Taylor, CEO of UK Export Finance.
Biwater has been contracted to deliver water and wastewater treatment solutions for the cities of Erbil and Sulaimani in the Kurdistan Region of Iraq. The project is designed to alleviate the current strain on existing infrastructure and reduce the region’s reliance on dwindling groundwater reserves to deliver long-lasting environmental benefits.
UKEF will provide a US$34.8 million loan under its direct lending facility to the Kurdistan Regional Government to finance the preliminary scoping phase of the project, covering social and environmental impact assessments, relevant site surveys and detailed designs.
J.P. Morgan acted as the Mandated Lead Arranger for this initial loan on behalf of UKEF to the Kurdistan Regional Government.
The Sullivan & Worcester team was led by London partner Mark Norris. Rt Hon. Greg Hands MP, Minister for Trade and Investment, said: “This is great news for Biwater and for British exports, and I am delighted that UKEF is financing this hugely important contract. It shows what is possible when British technical excellence receives the right government support at the right time. The project will bring much needed benefits to Kurdistan and also offer substantial opportunities for supply chain companies based here in the UK.”
Nechirvan Barzani, Prime Minister of the Kurdistan Regional Government said: “This is a significant step that will help improve the daily lives of the citizens of Erbil and Sulaimani. It is also the first time the UK government has provided a direct loan to the KRG to boost our infrastructure. We hope this initial loan will pave the way to attracting finance for the next stage of this important project. We also appreciate the high-level backing this project has received from the UK government, highlighting the close and fruitful relationship between the UK and the Kurdistan Region.”
About Sullivan & Worcester
Sullivan & Worcester is a leading law firm advising clients ranging from Fortune 500 companies to emerging businesses. With 175 lawyers in Boston, London, New York, Tel Aviv and Washington, D.C., the firm offers services in a wide range of areas, including corporate finance, banking, trade finance, insurance, securities and mutual funds, litigation and dispute resolution, mergers and acquisitions, intellectual property, tax, real estate and REITs, private equity and venture capital, bankruptcy, environment and natural resources, climate change, renewable energy and water resources, regulatory law, and employment and benefits law.
Sullivan & Worcester has been named "Best Law Firm in Trade Finance" by Trade & Forfaiting Review (TFR) at the TFR Excellence Awards in 2014, 2015 and 2016. In addition, Global Trade Review (GTR) named Sullivan & Worcester the "Best Trade Finance Law Firm" 2015 at its annual "Leaders in Trade Awards." Sullivan & Worcester is also acknowledged as a market leader for trade finance in both the UK Legal 500, 2015 and Chambers UK, 2017.
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