Ashurst advises J.P. Morgan on landmark €200,000,000 ADF partially guaranteed sustainable financing for Republic of Rwanda

Global law firm Ashurst has advised J.P. Morgan as arranger and lender on a €200,000,000 sustainable loan facility to the Republic of Rwanda. The facility is co-arranged by the African Development Bank and benefits from a partial credit guarantee from the African Development Fund (the concessional window of the African Development Bank Group).

The financing will enable the Republic of Rwanda to finance multiple strategic sustainable projects in line with Rwanda's National Strategy for Transformation for 2017-2024 and its Vision 2050. It is intended to contribute towards the achievement of a carbon neutral and climate resilient economy, underpinned by the sustainable use of natural resources and a high quality natural and built environment. This includes, by way of example, projects in Rwanda such as the Urban Economic Development Project, Government Funded Modern Irrigation (GFI) and the Sustainable Agriculture Intensification and Food Security Project (SAIP).

Partner Tom Longmuir stated: "This innovative transaction demonstrates J.P. Morgan's ability to provide long-term financing consistent with the African Development Bank’s commitment to low-income nations, including rapidly developing transition countries such as Rwanda, which are eligible under the African Development Fund criteria. We are very pleased to have supported J.P. Morgan in its collaboration with the African Development Bank and this delivery of sustainable financing in Africa."

Ashurst's multi-jurisdictional team was led by Paris partner Tom Longmuir, working with London partner Lindsey Bouchara, and supported by Paris senior associates Cédric Gamambaye Dionmou and Samia Khennous and London associate Carina Chan. On arbitration and immunity considerations Paris partner Emmanuelle Cabrol and senior associate Bogdan Voinov advised, together with London partner Myfanwy Wood and senior associate Matthew Harnett. On capital regulatory matters, partner Kerion Ball and senior associate Ramesh Pani in London acted. ENSafrica Rwanda acted for J.P. Morgan on Rwandan legal aspects of the transaction.

Ashurst's international finance practice routinely advises lenders, multilaterals, development finance institutions and export credit agencies on cutting-edge structured financing throughout emerging markets, including across Sub-Saharan Africa.