Global law firm Norton Rose Fulbright has advised Standard Chartered Bank in relation to a US$700m syndicated conventional loan agreement and Islamic commodity Murabaha facility to the Government of Pakistan with a guarantee from the World Bank (acting through the International Bank for Reconstruction and Development (IBRD)).
The financing used a commodity based Murabaha agreement (with an Investment Agency Agreement for Islamic syndication) sitting alongside a conventional loan agreement with a common terms agreement.
The conventional loan was closed in June 2017 with the Islamic financing completing in April 2018.
The Norton Rose Fulbright team was led by partner Davide Barzilai with assistance from Mark Brighouse.
This deal was awarded “Best Deal” at the Global Trade Review (GTR) Awards on 26 April 2018. GTR is a leading international trade and trade finance markets publication.
Davide Barzilai commented:
“This deal is ground-breaking as it is the first time that IBRD has supported an Islamic facility and was also the largest underwritten term loan for any Pakistani borrower. The deal was initially closed in a very tight timeframe which is testament to the hard working and effective teams of all involved.”
Norton Rose Fulbright was recently awarded Finance Team of the Year at the annual Legal Business Awards for the firm’s work advising the International Committee of the Red Cross (ICRC) on a pro bono basis, in relation to its innovative funding mechanism to encourage social investment from the private sector.
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