Milbank LLP represented the Industrial and Commercial Bank of China (“ICBC”) and other global lenders in an $11 billion loan to the Ministry of Finance of the Kingdom of Saudi Arabia, the biggest syndicated loan to a government this year and also 2023’s largest loan in EMEA.
The 10-year loan is intended to finance, among other things, infrastructure projects and to be used for general budgetary purposes of the Kingdom.
“We are very proud of our team’s work on one of the year’s most significant and largest financings, which involved the collaboration of several international partners,” said Global Project, Energy and Infrastructure Finance partner Shepard Liu. "This is a testament to Milbank’s ability to successfully close complex transactions on a global scale, and we look forward to continuing our work in the Middle East.”
ICBC was the mandated lead arranger, and the loan was funded by 18 banks, some joining via multiple branches, with Chinese banks committing around $5 billion. The bank group also includes First Abu Dhabi Bank, Citigroup, HSBC and other international financial institutions spanning Asia, the Middle East, Europe, and the US.
The Milbank team was led by Shepard Liu, Global Project, Energy and Infrastructure Finance partner Aled Davies and David Zemans, managing partner of the firm’s Singapore office. The team also included associates Marco Ying, Kei Kitatani and Emma Pan.
December 12, 2023
