Herbert Smith Freehills advises China’s Exim Bank on financing of Budapest-Belgrade rail project 史密夫斐尔助力中国—中东欧重大合作成果落地

Leading global law firm Herbert Smith Freehills has advised the Export-Import Bank of China (CEXIM) on its role in financing the Hungarian section of Budapest-Belgrade railway project.

CEXIM signed a loan agreement with the Hungarian Government on 24 April 2020 to finance 85% of the cost for the overhaul of the railway line on Hungarian territory, which will substantially facilitate progress of the decade-long project.

The Budapest-Belgrade railway is the first railway infrastructure project implemented by China in the European Union, as China’s flagship cooperative initiative with Central and East European countries, known as the 17+1.

A China-Hungary consortium won the bid as main contractor of the Hungarian section (159.4km) in May 2019. The Serbian section (142.2km) has been under construction by Chinese companies since June 2018 and expected to be completed by 2022.

Monica Sun, head of energy practice in Beijing office, and Matthew Job, partner of finance practice in London office, has jointly led the team advising CEXIM since September 2016.

"We are delighted to have advised Export-Import Bank of China on this significant project, a major corridor connecting China and Europe," said Monica Sun. “Our deep expertise in advising projects and financing in cross-border infrastructure projects has contributed to the agreement signing, which will enable significant progress on this programme.”

London partner Matthew Job said: "Our London and Beijing team combined both finance and corporate expertise and have collaborated closely over the past five years, using our solid understanding of European regulations while integrating the client’s needs from China."

Other key members of the team include senior associates James Zhang (Beijing), Helen Beatty (London) and Keith Gamble (Tokyo), and associate James Foo (London), assisted by Tim Briggs (Partner, London), Andrew Cannon (Partner, London), Hannah Ambrose (Senior Associate, London), and Adrian Brown (Of Counsel, Brussels).

全球领先的律师事务所史密夫斐尔为中国进出口银行在匈塞铁路项目中提供法律服务，助力进出口银行参与中国—中东欧“17+1合作”旗舰项目。

2020年4月24日，进出口银行与匈牙利财政部克服疫情影响，签署匈塞铁路匈牙利段贷款协议，标志着匈牙利段即将进入实施阶段，匈塞铁路项目取得新的重要进展。

作为中国—中东欧合作的旗舰项目，匈塞铁路是中国在欧盟实施的首个铁路基础设施项目，是中欧互联互通合作的重要组成部分，对于与欧洲发展战略对接、深化中欧合作具有重要意义。

塞尔维亚段全长142.2公里，已于2018年6月开工，由中国企业承建，计划2022年完工；匈牙利段长159.4公里，2019年5月中匈企业联合体经公开招标成为项目主承包商并签署EPC合同。

史密夫斐尔律师事务所作为进出口银行的外部法律顾问，由北京办公室能源业务主管合伙人孙晔和伦敦办公室金融业务合伙人Matthew Job共同牵头，自2016年9月即开始为该项目提供法律服务。

孙晔表示：“匈塞铁路被誉为‘连接中国和欧洲的走廊’，我们非常荣幸能够参与这一项目，以史密夫斐尔在跨境基础设施项目的建设和融资方面的丰富经验，助力该项目取得顺利签约的重大进展。”

Matthew Job 表示：“伦敦和北京办公室的团队成员在过去的五年里精诚合作，整合金融业务和公司业务的优势，将我们在欧洲司法区域的扎实经验以及对中国客户需求的精准把握发挥得淋漓尽致。”

本项目团队主要成员还包括北京办公室张嘉(Senior Associate)、伦敦办公室Helen Beatty (Senior Associate)、东京办公室Keith Gamble (Senior Associate)以及伦敦办公室James Foo (Associate)。伦敦办公室Tim Briggs (Partner) 、Andrew Cannon (Partner)、Hannah Ambrose (Senior Associate)以及布鲁塞尔办公室Adrian Brown (Of Counsel)均为该项目提供专业支持。