International law firm Clifford Chance has advised African Development Bank on a new, innovative risk sharing transaction involving the UK Government and three major insurance companies that will scale up African Development Bank Group’s commitments to climate finance by up to $2 billion and in turn support African countries in meeting their Nationally Determined Contributions (NDCs).
The transaction, known as the Room to Run Sovereign, will enable the Bank to reduce the risk capital currently being used by its sovereign operations in order to generate capacity for new climate financing across the African continent. This pioneering collaboration with the insurance market supports the Addis Ababa Action Agenda in achieving its Sustainable Development Goals through leveraging of the private sector
Over the past few years the market has seen the deployment of synthetic securitisation and risk transfer techniques to support a number initiatives in the ESG sector. Clifford Chance has been at the forefront of these developments, having worked on a number of “firsts” in this field, with the Room to Run Sovereign transaction being the latest of these.
The Clifford Chance team working on this transaction was led by London Partner Tim Cleary, with the support of Senior Associates Martin Clarke and Konstantinos Voulgarakis.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
The advising firms, the named deal team, the value and the parties, with every other announced deal by the same firms and lawyers. Open the deal record
