Sullivan 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 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 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.”
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