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Dentons Moscow Helps Advise EBRD on Swap Transaction with Central Bank of Azerbaijan

Dentons Moscow Helps Advise EBRD on Swap Transaction with Central Bank of Azerbaijan

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Dentons' Moscow-based Partner Timothy Stubbs was a member of the firm's multi-jurisdictional team advising the European Bank for Reconstruction and Development on the negotiation and execution of a 2002 ISDA Master Agreement for a swap transaction with the Central Bank of Azerbaijan worth a total of USD 200 million.

According to Dentons, "having secured reliable access to local-currency liquidity in Azerbaijani manat (AZN) (in the form of swap transactions), the EBRD intends to expand its lending to Azerbaijani businesses. Azerbaijani companies can now benefit from loans denominated in Azerbaijani manat provided by the EBRD thanks to the agreement. Of the USD 200 million, USD 50 million will be channeled this year to local companies, including smaller viable enterprises experiencing temporary difficulties."

"The agreement is part of the EBRD’s efforts to step up support for Azerbaijani companies as the country's economy faces the double challenge of the COVID-19 outbreak and the global oil market shock," Dentons reports. "The EBRD has made available a Solidarity Package to help companies in 38 emerging markets deal with the economic impact of the pandemic. The EBRD stands ready to provide support worth EUR 21 billion over the 2020-21 period. The package includes short-term liquidity, working capital and restructuring of exposure for existing clients, as well as trade finance and an emergency support program for key infrastructure providers. The bank will also ramp up its local currency, capital markets and equity offers."

Dentons' team was led by Baku-based Partners Ulvia Zeynalova-Bockin and James Hogan.

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