Tue, Jan
71 New Articles

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

  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

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.

Russian Knowledge Partner

Founded in 1993, Egorov Puginsky Afanasiev & Partners is the leading full-service law firm in the CIS with offices in Russia, Ukraine and Belarus and associated offices in the UK, the USA and Cyprus.

We advise its clients in many areas of law, including: dispute resolution in Russia and abroad, corporate law, M&A, antitrust issues, project finance and PPP, restructurings and insolvencies, energy and natural resources, property management and privatization, environment, technical regulation and industrial safety, banking and finance, intellectual property, criminal law, real estate and construction, taxation, family and labour disputes, marine and transport law, and international trade and customs.

We combine high academic qualifications, internationally acknowledged moral and ethical values, senior partners' professional experience and practical abilities with the vigour and knowledge of younger attorneys that enables thus providing clients with reliable, first-class service according to both Russian and western standards through a flexible structure.

All News about, and Legal Analysis by, Egorov Puginsky Afanasiev & Partners can be found here.

Firm's website: www.epam.ru


Our Latest Issue