The problem
A European development lender financing road infrastructure in Bangladesh needs two things its own legal team cannot supply: an accurate view of what security and recourse are actually available under Bangladeshi law, and a local legal opinion in the form its credit committee will accept.
Sovereign and sub-sovereign infrastructure lending also runs into procurement rules, land acquisition and resettlement, and change-in-law risk — each of which sits with a different Bangladeshi authority.
What we did
Acted as lender's counsel: reviewing the financing and project documentation against Bangladeshi law, advising on security, enforceability and recourse, managing conditions precedent, and delivering the legal opinion.
Advised on the procurement, land and permitting interfaces, and on the government undertakings the lender required.
The outcome
The financing proceeded. The firm has continued to act for development finance institutions and export credit agencies lending into Bangladeshi infrastructure, including China Exim Bank and Sinosure.
Check it
- Programme: SASEC — South Asia Subregional Economic Cooperation road connectivity
- Client: European Investment Bank, as lender