International law firm Simmons & Simmons has advised Standard Chartered Bank on a CHF 156 million financing, partially guaranteed by the Multilateral Investment Guarantee Agency (MIGA), for Joint Stock Company «National Company «Kazakhstan Temir Zholy» (“KTZ”), the national railway operator of the Republic of Kazakhstan. This significant transaction highlights Simmons & Simmons’ expertise in cross-border development and agency finance, in particular, with MIGA cover, and our commitment to supporting clients in transformative projects in the transport sector.
The financing will strengthen both freight and passenger capacity, enhance safety, and improve operational efficiency across Kazakhstan’s rail infrastructure. The project also supports development along the Middle Corridor, a strategically important route connecting China and Central Asia to the Caspian Sea and onwards to Europe. The proceeds of the financing will be used to rehabilitate Kazakhstan’s existing railway network and modernise KTZ’s fleet of locomotives and passenger cars, supporting the country’s broader infrastructure and connectivity ambitions.
The Simmons & Simmons team was led by Sergei Kabanov, Partner, with primary support from Louise Mackenzie, Managing Associate, Tim Bitterlich, Supervising Associate, and Nick Milne, Trainee (all from the ENRIC team). John Sayers (Partner) from the Banking team provided support in the context of the MIGA cover.
Sergei commented: "We are very pleased to have worked with Standard Chartered Bank, KTZ and MIGA on this important transaction. Drawing on our significant experience in advising financial institutions on MIGA-covered financings, we provided practical and constructive advice throughout the transaction to align the interests of all stakeholders and achieve a successful and timely financial close."
