Bechtel Secures UK Export Finance Guaranteed Loan for Serbian Motorway Project
Bechtel has entered into its first export deal with UK Commodity Finance to obtain a secured credit of 430 million euros for the development of a 5G-prepared highway in Serbia. The UKEF-backed purchase credit facility will help Bechtel in its joint effort with ENKA to make 150 million euros worth to the UK economy, attracting the interest of local communities and supporting employment. It is also the first commercial credit agreement concluded by UKEF for the Ministry of Finance of Serbia. The Morava Corridor (Infrastructure Corridor E-761) will be the next major transport artery in Serbia, connecting communities and organizations from Pojate in the east to Preljina in the west, and connecting the north-south highway of the country between the country’s borders with Hungary and North Macedonia.
âThis welcome support from UK Export Finance will enable Bechtel, together with our partner ENKA, to deliver this transformational infrastructure project using goods and services exported from the UK,â said Brendan Bechtel, Chief Executive Officer by Bechtel. âIn a time of post-COVID-19 recovery, this investment in the supply chain will benefit both the British and Serbian economies, and also allow Bechtel to continue to develop its partnerships in the two countries. “
The announcement was made at this week’s UK Government’s World Investment Summit, hosted by Prime Minister Boris Johnson in London.
“This partnership between Bechtel and UKEF will boost UK exports, boost investment, support jobs and strengthen local economies, helping us to rebuild better after the pandemic,” said Anne-Marie Trevelyan, UK Secretary for International Trade . âThis week’s Global Investment Summit attracts the best international investors to the UK and shows why the UK remains the best destination for foreign investment. Great Britain .”
Bechtel Enterprises was the project development arm and the financing arm of Bechtel. JP Morgan Chase Bank was the principal arranger of the facility. JP Morgan Chase Bank and the UK have been advised by global law firm Ashurst. Export Finance participated in the financing.
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âThis transaction is exemplary of the creative results that can be achieved for our clients when export credit agencies, development finance institutions, international banks and the supply chain work together,â said Keith Hennessey, chairman of Bechtel Enterprises. âWe are proud to partner with the Government of Serbia and the UKEF in this transformation project and we look forward to bringing energy and creativity to delivering this world-class highway in this strategically important part of Europe. We thank the government of Serbia for its active participation throughout the funding process. “
The highway design includes a significant flood defense system to protect surrounding areas from flooding and erosion. This flood mitigation system is the first to be built along a Balkan highway. It reflects the Serbian government’s commitment to building the nation’s resilience to extreme weather conditions.
Summary of the news:
- Bechtel Secures UK Export Finance Guaranteed Loan for Serbian Motorway Project
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