Watson Farley & Williams (“WFW”) advised Cassa Depositi e Prestiti (“CDP”) on a €100m financing granted to Türk Eximbank, the official Turkish export credit institution, as part of international cooperation efforts intended for financing sustainable projects in that country.
The financing is designed to support initiatives that promote gender equality, enhance the productive capacity of local SMEs, foster technological innovation and contribute to the recovery of businesses affected by the February 2023 earthquake. With more than 40% of the funds allocated to women-led or women-supporting businesses, the transaction represents a significant contribution to the G7’s 2X Challenge for advancing female economic empowerment whilst strengthening local economic resilience and inclusion.
This operation sits within a broader framework of initiatives aimed at supporting economic and social development in partner countries by promoting responsible and inclusive investments.
The cross-border WFW Assets & Structured Finance team that advised that advised CDP was led by Milan Partner Mario D’Ovidio, working closely with Paris Partner Alexia Russell. They were supported by Milan Associate Giulia Chiarvesio and Paris Associate Ciara Desmond. London Partner Richard Stephens advised on cross-border English law tax matters, with Milan Counsel Alfredo Guacci Esposito and Milan Associate Marina Carabelli providing Italian tax expertise. London Partner Andrew Hutcheon and London Senior Associate Jack Moulder advised on jurisdiction provisions and process agency aspects, with London Knowledge Counsel Elaine Ashplant assisting with the €STR (Euro Short-Term Rate) aspects of the transaction.
The WFW team worked closely with CDP’s Turkish legal counsel Paksoy.
