Global law firm Norton Rose Fulbright has advised Standard Chartered Bank in relation to a $700 million syndicated conventional loan agreement to the Government of Pakistan
The loan agreement has an Islamic commodity Murabahah facility with a guarantee from the World Bank (acting through the International Bank for Reconstruction and Development (IBRD)).
The financing used a commodity based Murabahah 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, who said this 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.”