Tom Longmuir

The rise of the "pause clause", and financing resilience Bilateral development agencies, multilateral financial institutions and, increasingly, export credit agencies are expanding the use of "pause clauses" in their direct lending to sovereign borrowers in emerging and frontier markets.

Bilateral development agencies, multilateral financial institutions and, increasingly, export credit agencies are expanding the use of "pause clauses" in their direct lending to sovereign borrowers in emerging and frontier markets.

The winning deals for Ashurst are: Rail Deal of the Year — EUR 2.3bn Project Green Line Financing: The transaction was praised by TXF for its contribution to Egypt's much-needed Rail Infrastructure Master Plan, boosting connectivity while operating in line with the country's Vision 2030. Ashurst acted for BNP Paribas and Credit Agricole Corporate & Investment Bank as arrangers of the facilities, backed by Hermes and SACE (the export credit agencies of Germany and Italy).