DGKV Advises China Eximbank on Financing of Bulgarian Development Bank

DGKV acted as local counsel to Export-Import Bank of China (“China Eximbank”) with regard to a EUR 50 million loan facility extended for on lending to customers of Bulgarian Development Bank for mid or short-term trade financing transactions. The agreed funds shall be used to support Bulgarian enterprises, to finance commercial operations, as well as to support the economic cooperation between Bulgaria and China. This is the first facility agreement between the two institutions after they concluded a Financial Cooperation Agreement in 2014, which envisages joint financing of key projects or areas.
DGKV advised on matters of Bulgarian law related to the facility agreement and the due diligence exercise of Bulgarian Development Bank thereunder, including on the matter of government support and state aid clearance. DGKV’s team was led by Partner Nikolai Gouginski assisted by Senior Associate Kaloyan Krumov and Associates Dimo Staykov, Lora Aleksandrova, Vladislav Antonov, Simeon Vachev, and Vlada Tsenova, who advised China Eximbank on all aspects of the transaction and coordinated the team work.