Leading global law firm Baker McKenzie has advised Standard Chartered Bank as the Global ECA Coordinator, Mandated Lead Arranger, Structuring Bank and Green Loan Coordinator, Eksport Kredit Fonden (EKF, the Danish ECA), Swedish Export Credit Corporation (SEK), Exportkreditnämnden (EKN, the Swedish ECA) and a number of commercial lenders in its signing of a landmark EUR 1.24 billion green financing for the Ministry of Treasury and Finance of Türkiye to fund the development of a new high-speed railway line. 

The EUR 1.24 billion green financing to fund the development of a new railway line comprises of:

An EUR 577 million 100% EKF direct lending long term loan facility
An EUR 462 million 100% EKN-covered, SEK-funded long-term loan facility; and
A commercial facility of EUR 200 million.

The railway line will link the cities of Bandirma and Osmaneli in the North West of the country (passing through Bursa and Yenisehir). Bursa is one of Türkiye’s most industrialized cities and is not connected to the country’s railway network, making this project essential for economic integration of the inland industry and the Osmaneli region with the Ankara.

Baker McKenzie's lead partner, Luka Lightfoot, stated, "This transaction reiterates the expected flow of funding for infrastructure projects globally. It is a unique transaction and is considered a sustainable investment as finance organisations are increasingly considering green loans as a funding opportunity." 

The Baker McKenzie team from the Firm’s London and Stockholm offices was led by Luka Lightfoot and Nick Tostivin and included Mats Rooth, Josh Mastin-Lee, Alex Taylor, Kate Bickley and Camilla Franklin.

Michael Foundethakis, Chair of the Global Trade and Project Finance group commented, "We congratulate Standard Chartered Bank, the ECAs and other lenders, as well as the Ministry of Treasury and Finance of Türkiye, on reaching this milestone and are delighted to have been able to work on this important project. Our talented colleagues in London and Stockholm worked together as one team seamlessly across borders to achieve our client's objectives."

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