White & Case advises Ukraine’s Ministry of Finance on UK Export Finance-backed loan to start rebuilding Kyiv region bridges

Global law firm White & Case LLP has advised Ukraine's Ministry of Finance, as borrower, on a UK Export Finance-backed £26.3 million equivalent loan with which the country's government will begin rebuilding six bridges and reopen important supply routes around the capital Kyiv.

"The transaction illustrates how export credit agencies and other official sector players can de-risk and therefore catalyse private sector financing for the reconstruction of Ukraine," said White & Case partner James Hardy, who led the Firm's deal team. "White & Case has a long relationship with Ukraine, which includes advising its Ministry of Finance on last year's comprehensive liability management transaction that deferred the country's obligation to make payments on its sovereign bonds, and also advising the Ministry of Finance on bilateral external financing raised from Ukraine's international partners to fund its state budget following Russia's war against Ukraine."

The loan was announced as part of the Ukraine Recovery Conference, which brought together the public and private sectors to discuss how to accelerate and support the reconstruction of Ukraine.

UK Export Finance agreed to issue a buyer credit loan guarantee that allows Ukraine to access loan financing from Citi. The funds will be used to reconstruct bridges which range from those damaged by shrapnel to others which have been completely destroyed.

The White & Case team in London which advised on the transaction included partner James Hardy and associate Prema Govind.

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