Back to United Kingdom - Solicitors

Leading Individuals

Mirthe van Kesteren - Bott Van Kesteren Partners

Emerging markets in London

Allen & Overy LLP

Emerging markets work is a critical component of the global strategy of Allen & Overy LLP, which is building on its market-leading finance practice in London to handle capital markets, bank finance, project finance, corporate, private equity and, increasingly, litigation in key jurisdictions. The breadth of the firm's work goes hand-in-hand with its in-depth experience in key industry sectors, such as energy, infrastructure and natural resources. Whether for loans, bonds, debt issuances, acquisition finance or private equity work, the 'dedicated team' has a broad client base that includes export credit agencies (ECAs), development finance institutions (DFIs), investors and sponsors. Greg Brown stands out for debt financings, commodities and corporate finance. Also recommended are US-qualified capital markets partner Sachin Davé; ECA practice head Lorraine Bayliss; Africa group head Tim Scales; energy expert Andrew Castle; newly promoted partner Oleg Khomenko; and trade and commodity finance specialist Catherine Lang-Anderson.

Practice head(s):

Greg Brown


‘They are a great team who provide a thorough analysis of the matters presented and perfect output in terms of the documents produced.’

‘One can always rely on the A&O team and be sure that the resulting product will always will be at or above an acceptable level, with a minimal amount of errors or misunderstandings, and any potential issues are foreseen and dealt in a timely manner beforehand.’

‘A very dedicated team focused on problem-solving and offering a solution rather then simply following the client’s instruction.’

‘Oleg Khomenko is flexible and easily approachable.’

‘Working out of business hours is not a problem for associate Daisy Chapman and senior associate Hugh Mathison if it is really needed to meet the deadline.’

Key clients

Goldman Sachs PIA

European Bank for Reconstruction and Development (EBRD)

Islamic Development Bank (IsDB)

Servizi Assicurativi del Commercio Estero (SACE)

Standard Chartered Bank

Citibank N.A.

ING Bank N.V.


The African Development Bank

Emerging Africa Infrastructure Fund

Work highlights

  • Acted for Goldman Sachs PIA as the lender on a unitranche financing for Advent’s acquisition of Bharat Serums and Vaccines Limited.
  • Acted for the EBRD and IsDB on the financing for the construction and operation of a 66km ring road around Almaty in Kazakhstan with an EBRD facility agreement and an IsDB Islamic financing structure.
  • Advised the ECAs (CESCE, K-Exim, K-Sure, SACE, UKEF) and banks (both conventional and Islamic) on the $4.2bn financing of the expansion and modernisation of the Bapco refinery to a 380,000 bpd facility.

Baker McKenzie

Baker McKenzie has 'a versatile team that is highly engaged and has a strong appreciation for the unique dynamics in emerging markets deals', with an 'on-the-ground presence and strong engagement at partner level'. With its extensive global network, which includes more than 70 offices in emerging markets, the firm draws a large volume of work through its London office from Asia-Pacific, Europe, the Middle East, Latin America and North America. Its finance work includes trade, export and commodity financings, bond and equity transactions for financial institutions, commodity traders, exporters, producers and corporate borrowers. Nick Tostivin leads the London banking and finance group. Also recommended are project development and finance partner Philip ThomsonMegan Schellinger, who handles emerging markets bond transactions, including the recent Eurobond for Türk Telekom; energy and infrastructure specialist Neil Donoghue, who joined from Ashurst in 2019; and senior associate Luka Lightfoot, who focuses on trade and financing transactions.

Practice head(s):

Nick Tostivin


‘The firm has a versatile team that is highly engaged and has a strong appreciation for the unique dynamics in emerging markets deals. Its on-the-ground presence and strong engagement at partner level throughout the origination and execution of the deal is a big plus, particularly for clients in the MENA region.’

‘The standout partner is Megan Schellinger. She is a safe pair of hands, highly dependable with high levels of energy and patience. She is very engaged in transactions and is able to manage the unique dynamics of emerging markets.’

‘Roy Pearce is an exceptional relationship partner with a truly deep understanding of the emerging markets.’

Key clients

Credit Agricole Corporate and Investment Bank

Standard Chartered Bank



Société Générale

UK Export Finance



ITOCHU Corporation

African Export-Import Bank

Bank of America Merrill Lynch


Office Nationale D’Electricité et de l’Eau Potable

Vitol BV

The Egyptian Electricity Transmission Company

Türk Telekom

Joint Stock Company Bank of Georgia

Société de Promotion et de Participation pour la Coopération Economique S.A.

Development Bank of the Republic of Belarus

Almarai Sukuk Ltd. and

Almarai Company

Arabian Centres Company

Work highlights

  • Acting for Credit Agricole Corporate and Investment Bank, Standard Chartered Bank, MUFG Bank, Natixis, Société Générale and UK Export Finance on three separate dual-tranched and commercial financings for the design, construction and development of three hospitals in Oman.
  • Advising Suez, Itochu Corporation and Marguerite Fund as the successful sponsors on their bid for the €300m 25-year PPP to develop a new system to treat the municipal waste of the City of Belgrade, and advising on the project financing.
  • Advising Standard Chartered Bank as the global coordinator and structuring bank, a mandated lead arranger, a bookrunner, lender and agent and the other lenders (including DFIs) and ECAs on a multi-source financing for the Tanzanian Light Rail Project.


Dentons has a global emerging markets offering due to its vast network of offices around the world, among which London is a vital hub. The London group, which 'has excellent market knowledge and provides outstanding client attention', is experienced in transactions in Africa and is active in the Middle East, CEE, Russia and the CIS. Practice head Paul Holland excels in export credit finance and aircraft financing transactions in the CEE and CIS, India and Africa. Celia Gardiner, who handles commodity, trade and receivables finance, including invoice discounting transactions, is another standout partner. Also recommended are projects and project finance specialist Howard Barrie; head of debt capital markets David Cohen, whose work includes standout deals in Turkey and Ghana; Nick Hayday, who has expertise in bond issues on behalf of both underwriters and issuers; head of syndicated loans Isaac Felberbaum; Islamic finance partner Yusuf Battiwala, who handles shari'ah-compliant derivatives and structured finance; US securities partner Cameron Half; and counsel Lee McLernon, who specialises in asset finance.

Practice head(s):

Paul Holland


‘The firm is focused and very professional. It works with integrity and is highly professional in engagements.’

‘The firm has excellent market knowledge and provides outstanding client attention.’

‘We have worked for many years with Dentons, especially in emerging markets in Africa and Turkey. The service has always been bespoke and the individuals are accessible at all times. They are also proactive in finding solutions, which is very important in order to close transactions efficiently and within tight deadlines.’

‘The partner we work with most frequently is Isaac Felberbaum and he always delivers best-in-class advice and service. He will not be reactive but will propose advice proactively during the course of a transaction.’

Key clients


Standard Chartered Bank

Avia Solutions Group plc


Lietuvos Energija, UAB

Emirates NBD PJSC

Standard Bank

FirstRand Bank

Bugesera Airport Company Limited

Arab Banking Corporation (Bank ABC)

Mashreqbank psc

Abu Dhabi Commercial Bank PJSC

Koç Holding

JSC Silknet

CRI Group

E.P. Energy

CPI Property Group

The Standard Bank of South Africa

Industrial and Commercial Bank of China (ICBC)

Chelyabinsk Pipe Manufacturing Plant Group

PJSC Uralkali

Work highlights

  • Advising Ghana Cocoa Board (COCOBOD) on a $600m syndicated receivables-backed loan, enabling COCOBOD to finance various productivity enhancement programmes in Ghana, the world’s second largest cocoa producer.
  • Advising Avia Solutions Group Plc and the guarantors on the debut high-yield issue of Rule 144A/Regulation S $300m 7.875% guaranteed notes due 2024.
  • Advising FirstCaribbean International Bank (Barbados) Limited along with two other lenders in respect of a multi-currency $30m+ syndicated loan to Global Ports Holding Plc in respect of the refinancing of the construction, operation and maintenance of a new passenger cruise pier at St John’s port in Antigua.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP 'has updated knowledge and an eye on each and every new development in the emerging markets'. The firm is active in corporate, finance and litigation matters in key emerging markets in Africa, Russia, the CIS, CEE, the Middle East, India, Latin America and South East Asia. The firm's regional offices work closely with the multi-disciplinary group in London to advise on cross-border matters, with a strong focus on the energy and natural resources sectors. Martin Kavanagh, who is highly experienced in energy, natural resources and infrastructure finance, co-heads the Africa group and has 'excellent technical knowledge'. Also recommended are trade and project finance partner William Breeze; projects specialist Alexander Currie; head of global arbitration Paula Hodges QC; head of UK arbitration Craig Tevendale, who is 'very robust, clear and confident in his advice'; and corporate partner Steven Dalton. Brazil-qualified Pedro Rufino Carvalho plays a key role in the London-based Latin America practice.

Practice head(s):

Martin Kavanagh


‘The firm has updated knowledge and an eye on each and every new development in the emerging markets, which makes it unique in the market.’

‘Nick Peacock has very wide knowledge and a good hold on the subject.’

‘Steven Dalton and Martin Kavanagh have excellent technical knowledge and are easy to work with and very personable.’

‘I have worked closely with Craig Tevendale who is an excellent lawyer – very robust, clear and confident in his advice.’

‘They are experienced in arbitration and all questions are answered. The team shows good commitment and discipline, and it is very reliable.’

Key clients

Trident Energy

Woodside Petroleum Limited

Tullow Oil Plc



International Finance Corporation



Work highlights

  • Advised Trident Energy (as purchaser and as borrower) on the first-of-its-kind financing and acquisition of Brazilian oil and gas assets from Petrobras (as seller).
  • Acted as Nord Stream 2 AG’s legal adviser in connection with the procurement, construction and operation of a €9.5bn gas pipeline project from Russia to Germany through the Baltic Sea.
  • Successfully representing one of the world’s largest oil companies in connection with a nearly $18bn sham arbitral award issued by an unlicensed, illegitimate “arbitration centre” in Cairo, Egypt.

Linklaters LLP

Linklaters LLP has a global presence across the Middle East, Africa, Asia, Latin America, the CIS and CEE. The London office is an integral part of one the world's leading financial institutions practices, though it also acts for corporates, banks, funds and governments in their funding, hedging and investment activities. Its core strengths are corporate and M&A transactions, capital markets, restructuring, energy, infrastructure and dispute resolution. Energy and infrastructure partner Andrew Jones heads the Africa group and has extensive experience in major projects in Africa, Asia, Latin America and CEE. Daniel Tyrer leads the global energy and infrastructure practice, specialising in upstream oil and gas, LNG, pipeline, refinery and petrochemical plant projects, project finance and private equity transactions across EMEA and the CIS. Ian Andrews is a sector leader for infrastructure, frequently acting on projects in CEE.

Other key lawyers:

Ian Andrews; Andrew Jones; Daniel Tyrer


Milbank's emerging markets practice is 'always ahead of the problems and can bring creative solutions through its extensive experience in similar cases'. The London office has a long track record of involvement in emerging markets and it has an impressive deal roster in key markets in Africa, Latin America, the Middle East and Asia. Its work focuses predominantly on high-value projects in the oil and gas, LNG, power, mining and infrastructure sectors, and often includes market-first deals in new jurisdictions or rapidly growing industry sectors. The lead partners are Matthew Hagopian, who focuses on the LNG, oil and gas, and power sectors; John Dewar, who advises sponsors, project companies, ECAs, development banks and DFIs on complex cross-border matters; infrastructure partner and co-head of the mining practice Manzer Ijaz; and the 'credible, honest and trustworthy' Clive Ransome, who handles project, energy and infrastructure finance. Up-and-coming partners Şeyda Duman and Chris Taufatofua also play key roles in the firm's project finance work.

Other key lawyers:

Şeyda Duman; Chris Taufatofua


‘They have outstanding communication and collaboration skills. It feels like you are part of the same in-house team and have been working together for years. They are always ahead of the problems and they can bring creative solutions through utilising their extensive experience in similar cases of the past.’

‘Clive Ransome is exceptional in the way that the questions and problems in your mind turn out to be advantages in his mind. He is always calm, which makes you feel that he will not make any short-sighted, inaccurate decisions.’

‘Seyda Duman and Christopher Taufatofua are worth mentioning with their skills of collaboration and their knowledge of the specific markets.’

‘A humble, credible, to the point and friendly team.’

‘Clive Ransome is a credible, honest and trustworthy partner. He made us comfortable in the deal.’

‘I am very impressed with their knowledge, dedication, hard work and problem-solving skills in high-complexity issues and with their solution-oriented approach to working together with us to close transactions successfully. In addition to such skills, they are very friendly, always available and helpful to discuss any issue. It is always a pleasure to work with Milbank.’

‘It is a privilege to work with Clive Ransome and his experienced and valuable team.’

‘The team offers a significantly high level of service in terms of response time, business acumen, industry knowledge, appropriateness of advice, strength-in-depth of team and value for money. A few of their qualities are correct judgement, analytical skills, creativity, perseverance, commitment and a business-oriented approach.’

Key clients



European Bank for Reconstruction and Development

U.S. Development Finance Corporation

International Finance Corporation

Gas Natural Açu

Export-Import Bank of Korea

Repsol, S.A.

Total S.A.

Rio Energia

Pacific Traverse


Japan Bank for International Cooperation

Nippon Export and Investment Insurance


KfW IPEX-Bank GmbH


BNP Paribas

Standard Chartered Bank

Export-Import Bank (US)

Export Finance Australia

African Development Bank




Korea Trade Insurance Corporation (K-SURE)

Akbank T.A.S.


Nebras Power

UK Export Finance


Euler Hermes

Norton Rose Fulbright

Norton Rose Fulbright works in tandem with a global network of offices to assist major corporates, borrowers, sponsors, investment banks, government bodies, ECAs, and multi-laterals and off-takers in major projects in emerging markets. Working on transactions across Africa, Central and South East Asia, Eastern Europe and Latin America, the firm leverages its in-depth expertise in key sectors such as agriculture, mining, oil and gas, power and infrastructure. The practice is led by global head of business Martin McCann. It has a deep bench of talent in London, including EMEA energy practice head Charles Whitney, who handles project financings involving ECAs and multi-lateral financial institutions; corporate partner Raj Karia, who focuses on the mining and minerals sector; finance partner Daniel Metcalfe, who acts for lenders and borrowers in the energy, infrastructure and natural resources sectors; construction and projects specialist Mark Berry; Andrew Buisson, who deals with non-contentious matters in the infrastructure, construction and engineering sectors; and newly promoted partner Daniel Giemajner, who leads the EMEA mining group.

Practice head(s):

Martin McCann

Key clients

Africa Finance Corporation


Al Rayan Bank


Bank of America

Bank of China

Bankmed, Sal

Bank of Tokyo Mitsubishi

Balfour Beatty

Barrick Gold






Cell C


Crédit Agricole


DBS Bank

Deutsche Bank

Ministry of Finance of Angola

Domino’s Pizza






IMI Group

International Finance Corporation


JP Morgan


Mercuria Energy



Rio Tinto

Rosneft Oil

Royal Bank of Canada



SNC Lavalin




Turk Telekomünikasyon

Wells Fargo

United Overseas Bank

Work highlights

  • Advised Randgold Resources Limited on its $18.3bn merger with Barrick Gold Corporation, which resulted in the creation of the world’s largest gold miner.
  • Advising Eurasian Resources Group and its subsidiary Metalkol S.A. on the construction and financing its RTR copper and cobalt project in the Kolwezi region of the DRC, using a Chinese EPC contractor and accessing financing from Chinese banks, with Sinosure cover, through the EPC contractor.
  • Advising Barrick Gold Corporation (as majority shareholder in Acacia Mining plc) in relation to ongoing disputes between Acacia and the Government of Tanzania, including in relation to tax and the Government’s decision to ban the export of unprocessed minerals and increase state ownership in mines.

White & Case LLP

White & Case LLP has 'outstanding strength in emerging market legal issues, especially in frontier markets in Africa'. Across CEE, the CIS, the Middle East and Africa, the firm has become one of the leading advisers on finance transactions and projects, with a vast client roster consisting of financial institutions, corporates, governments and supranational organisations. From London, it brings to bear both English and US law expertise on sovereign debt deals, liability management, bank regulatory capital and corporate hybrid capital solutions, equity-linked bond transactions, infrastructure and green bonds, high-yield deals and IPOs. Global head of capital markets Stuart Matty, global head of energy, infrastructure, project and asset finance Mark Castillo-Bernaus, banking partner Christopher Czarnocki and Africa group head Mukund Dhar are the lead partners. Also highly recommended are debt specialist Melissa Butler, US-qualified Ian Clark, project and international finance partner Jason Kerr, and Philip Stopford, who is an expert in the delivery of high-value projects in Egypt and other North African jurisdictions.


‘We appreciate that they not only provided advice on legal and contractual matters, but also tried to understand the commercial issues as well as the points which would be important to the client’s interests in the project, and that they provided practical solutions, including ways to mitigate the risks.’

‘Caroline Miller Smith is very experienced with much knowledge on PPP and project finance, providing straightforward and logical advice. She catches the issues very quickly and knows how to balance the different positions of the stakeholders. She is a great thinker with a gentle attitude.’

‘Sebastian Buss is diligent and very experienced. He has great capability in reviewing and commenting on contracts, providing logical counter-arguments. He is smart-thinking when discussing with the counterparties.’

‘Senior associate Seyfi Can Kandemir is diligent and a good listener, giving timely advice and thorough reviews of contracts.’

‘The firm has extensive experience, knowledge of the business and a positive approach to solving problems. Jason Kerr and Seyfi Can Kandemir stand out.’

‘The team’s strength in emerging market legal issues is outstanding. There is an enormous amount of understanding of the emerging market space especially in frontier markets in Africa which are still growing and, therefore, are more complex than other markets.’

‘Stuart Matty stood out for us. He is available for our team. He also would provide support based on our context and give all sides of the narrative for effective decision-making. He is also an extremely efficient communicator and that makes him very professional for the emerging markets space.’

‘White & Case is the most international of the US law firms.’

‘The firm has comprehensive experience across the emerging markets, which allows it to offer tailored solutions both for commercial and concessional transactions.’

‘Ian Clark is a partner with deep knowledge of the emerging markets. The team under his management is able to deliver results in a tense time frame without compromising on quality.’

Key clients

Saudi Aramco

J. P. Morgan


BNP Paribas

Deutsche Bank

Morgan Stanley

Republic of Ghana

Helios Investment Partners

Republic of Mozambique


Ghana National Petroleum Corporation

Work highlights

  • Advised Saudi Aramco as issuer on its debut five-tranche offering of global notes worth $12bn, and subsequently acted for Saudi Aramco on its SAR96.0bn/$25.6bn IPO – the world’s largest IPO to date.
  • Represented Helios Investment Partners and Tema LNG Terminal Company Limited, a Ghanaian entity established and controlled by Helios Investment Partners, in respect of the $244m financing and project development of a LNG terminal in Tema, Ghana, and related floating infrastructure.
  • Advised the financiers (including China Development Bank, Xinjiang Branch; Credit Suisse AG; the Export-Import Bank of Korea; Gazprombank; and Korea Trade Insurance Corporation) on a landmark $2.3bn senior financing to Uzbekistan GTL LLC, a wholly-owned subsidiary of JSC ‘Uzbekneftegaz’, the national oil and gas company of Uzbekistan.

Baker Botts (UK) LLP

Baker Botts (UK) LLP's 'responsive, efficient and knowledgeable' emerging markets finance team is one of the most experienced in London, with a deep bench of partners whose work focuses on the financing of major energy and natural resources projects in frontier markets. The practice frequently works with major energy companies and international financial institutions, including the International Finance Corporation, the European Bank for Reconstruction and Development and Gazprombank. Practice head Stuart McIntyre specialises in energy and infrastructure projects and financings, principally in emerging markets. Project development partner Nick Collins advises borrowers, sponsors, ECAs, banks, multi-lateral lending agencies and Islamic finance institutions. Also recommended are head of the London office Mark Rowley; Hamish McArdle, who handles innovative upstream and midstream oil and gas mandates; James Douglass, who has expertise in infrastructure, natural resources, power, and oil and gas financings; Stuart Jordan, who focuses on procurement strategies in the energy sector; and senior associate Nicholas Jones, whose work includes syndicated and bilateral lending.

Practice head(s):

Stuart McIntyre


‘They are very responsive and provide good value for money.’

‘The firm provides swift responses and gets straight to the point.’

‘James Douglass and senior associate Nicholas Jones have an in-depth understanding of the industry and emerging issues.’

‘The practice is responsive, efficient and knowledgeable.’

Key clients

International Finance Corporation (IFC)


VTB Bank

European Bank for Reconstruction and Development (EBRD)

Galp Energia


Formula One

Quantum Power


Bristow Group

Steelhead LNG


Unicredit Bank Russia

Bracewell (UK) LLP

Bracewell (UK) LLP has 'a very lean and focused team with sector-specific expertise and a commercial and pragmatic approach'. The firm's energy practice typically handles major projects, mainly oil and gas, in emerging markets and is increasingly involved in the renewable energy sector. Its work includes financing, M&A and litigation associated with projects in Africa and the Middle East. Since it opened in 2013, the London office has experienced continuous growth year-on-year and now acts for more than 50 major energy clients. The practice led by energy finance partner Jason Fox is heavily involved in the nascent floating LNG market and is also advising on a growing number of energy storage projects in emerging markets. Oliver Irwin advises lenders and sponsors on cross-border projects and is active in the renewable energy sector. Partner and LNG specialist Nina Howell joined from King & Spalding LLP. Newly promoted senior associate Eimear Murphy handles upstream financings in Europe, Africa, Latin America and the Middle East.

Practice head(s):

Jason Fox

Other key lawyers:

Oliver Irwin; Nina Howell; Eimear Murphy


‘The firm has a very lean, focused team with sector-specific expertise, and a commercial and pragmatic approach to guide clients. They love oil and gas as much as we do!’

‘The team has a number of recruits that have strong emerging market credentials. Combined with excellent energy sector knowledge, this is an excellent resource for transaction execution.’

‘We appreciate their ability to grasp complex issues and bring experts from within the firm to provide transaction advice.’

‘The team is dedicated and knowledgable, and it provides quick turnaround times. Oliver Irwin stands out.’

‘The team is highly knowledgeable on the industry specifics, precedents and where the boundaries lie for providing their advice. Availability and responsiveness are always excellent, and they are very much a go-to firm for all my transactions in the sector.’

‘Oliver Irwin leads the practice, is an excellent lawyer and provides calm, considered and very clear advice on all matters in a timely manner. It is always a pleasure to know Oliver is involved in the transactions I work on.’

‘Bracewell has an excellent team with a wealth of experience and expertise.’

Key clients

Savannah Petroleum



Maurel & Prom





New Age


Total Solar

Premier Oil

Work highlights

  • Advised Savannah Energy plc on its purchase and reorganisation of Seven Energy Group by means of a pre-pack administration, including advising on the reorganisation of the Uquo field into distinct oil and gas businesses; all gas supply arrangements; and a $54m investment from Africa Infrastructure Investment Managers.
  • Advised Seplat Petroleum Development Company Plc in connection with the amendment and restatement of its existing revolving credit facility agreement to increase the total commitments to $350m to partly fund the acquisition of Eland Oil and Gas plc.
  • Advising Eni S.p.A, Chevron Corporation and Ophir Energy plc in relation to a range of transactions and projects in Mexico, including Eni’s oil and gas asset swap transaction with Lukoil and Chevron’s purchase from Shell of a 40% participating interest in three deepwater exploration assets in Mexico.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton has a long track record of corporate and finance work in emerging markets, particularly the Middle East, India, Africa, and Russia. As well as acting for financial institutions and some of the world's largest corporates, the firm has one of the world’s leading sovereign wealth fund practices. One example of its high-end sovereign work is its advice to the Republic of Senegal on a $1.4bn debt financing supported by a first-of-its-kind guarantee from African Development Bank. In the finance space, the firm frequently handles complex and high-value borrower-side mandates for its large corporate clients. Corporate partner Tihir Sarkar focuses on cross-border M&A, along with private equity and restructuring transactions. David Gottlieb handles both debt and M&A transactions, and he has been involved in large sovereign bond issues. Also recommended are private equity specialist Michael PrestonSam Bagot, who is experienced in M&A deals; US securities law specialist Sebastian Sperber; and Russian-qualified Polina Lyadnova.

Key clients


Republic of Armenia

Brookfield Asset Management

Republic of Côte d’Ivoire

Eurasian Resources Group


Qatar Investment Authority

UC Rusal

Russian Railways

Republic of Senegal

Silk Road Fund

Sistema PJSFC

TPG Growth

TPG Rise

Warburg Pincus

Work highlights

  • Advised Qatar Investment Authority (QIA) on an acquisition by its subsidiary of a 25.1% stake in Adani Electricity Mumbai Limited (AEML) from Adani Transmission Limited and for a shareholder subordinated debt investment by QIA in AEML.
  • Advised ArcelorMittal on its divestiture of steel plants in Romania, the Czech Republic, Italy, Belgium, Luxembourg and Macedonia to Liberty House Group in a series of deals valued at approximately €1.4bn.
  • Acted as counsel to Warburg Pincus and other investors in relation to a $1.25bn investment in Airtel Africa Limited; as part of the transaction Airtel Africa was spun out of its parent, Bharti Airtel.

Clifford Chance LLP

Clifford Chance LLP has a long-standing presence in emerging markets, both through its international office network and the core strengths of its London office. The firm has a multi-disciplinary approach, bringing together experts in banking, project finance, commodity and trade finance, structured finance, securitisation, derivates, and debt and equity capital markets. It has a dedicated Africa group, a strong focus on India and significant involvement in deals in Latin America. Alongside its Moscow office, the London group also has a significant role in matters in the CIS, Russia and CEE. Turkey and Southeastern Europe are also a key focus. Leonard Cleland advises governments, lenders and borrowers on commodities and trade finance, margin lending, loan participation notes, sovereign loans, commercial loans and ECA and multilateral lending institution-backed financings. David Dunnigan is the lead partner on debt capital markets transactions. Jeremy Connick is regional head for Southern Africa and a key partner in the energy and infrastructure practice.

Key clients

Deutsche Bank

Amsterdam Trade Bank

BNP Paribas Fortis

Goldman Sachs


Credit Suisse

Africell Holding Limited

Gemcorp Capital LLP


Standard Chartered Bank

JP Morgan

Rand Merchant Bank

Standard Bank

UniCredit Bank

Morgan Stanley


Emirates NBD Capital

Samba Capital

Warba Bank

Mashreqbank psc

PJSC Phosagro


CI Capital

Early Power Limited

Genser Energy Ghana Limited

CDC Group plc

Work highlights

  • Advising the bank co-ordinating committee on the high-profile restructuring and recapitalisation of Nyrstar, which was 25% owned by Trafigura, and which has smelting and mining operations in Europe, Australia, Canada, the Nordics and the United States.
  • Advising senior lenders to Hema Endüstri on the restructuring of the group’s senior secured debt facilities, with commercial terms being agreed after many months of intensive discussion.
  • Acting for Credit Suisse AG, London Branch, as arranger, in respect of a receivables-backed on-lending facility of up to $150m for The Ghana Export-Import Bank supported by the Ministry of Finance of the Republic of Ghana.

Hogan Lovells International LLP

Hogan Lovells International LLP has broad exposure to emerging markets through its finance, corporate and projects practices, including a strong Africa group with a good track record in large infrastructure projects across the continent, and a noted litigation group in Russia and the CIS which is experienced in export finance and sanctions matters. The firm frequently acts for commercial banks, project companies, sponsors and developers on ECA-backed projects. Group head Andrew Taylor has notable experience advising on trade finance in emerging markets, including many deals in Africa. Capital markets partner Andrew Carey stands out for international debt offerings, including securities programmes, high-yield and investment-grade corporate bonds, and sovereign bond issuance. Also recommended are trade and export finance specialist David Leggott; infrastructure, energy, resources and projects partner Adrian Walker, who is experienced in mining and energy projects; international arbitration partner Nathan Searle, whose work includes advising central banks on contentious matters and investigations; mining and power specialist Arun Velusami; and oil and gas industry expert Ben Sulaiman.

Practice head(s):

Andrew Taylor

Key clients

Deutsche Bank


Standard Chartered Bank


Credit Agricole

International Finance Corporation

European Bank for Reconstruction and Development

European Commission

Africa Finance Corporation

Bank of Ghana


Qatar Petroleum

Work highlights

  • Advising the European Commission on implementing the guarantee element of the European Union’s European Sustainable Development Fund, part of the EU’s external investment plan for sub-Saharan Africa and the EU neighbourhood.
  • Defending the Bank of Ghana in an LCIA arbitration brought by Sibton Switch Systems Limited in relation to a $1.1bn contract for the provision of services to facilitate interoperability of mobile payment systems.
  • Advised the International Finance Corporation and its client the City of Belgrade in connection with a landmark PPP project to design, build and operate a 103MW energy-from-waste facility in Serbia.

Mayer Brown International LLP

The sizeable London-based emerging markets group at Mayer Brown International LLP has an emphasis on project finance, though it acts for banks and other financial institutions, sponsors, governments and corporates in a broad range of finance transactions in Africa, the Middle East, Eastern Europe and Asia. Key areas of expertise include mining and metals, trade and export finance, commodities finance, the oil and gas sector and infrastructure projects, but the group is also active in cross-border arbitration and has a strong sanctions and regulatory team. Rachel Speight acts for global banks and sponsors in cross-border structured and project financings; Ian Coles leads the mining and Africa practices; and Ashley McDermott focuses almost exclusively on emerging markets finance. Project finance partner Kirsti Massie and banking partner Meredith Campanale joined from White & Case LLP, adding further expertise in multi-sourced financings in the energy and infrastructure sectors. Counsel Danuta De Vries and export finance associate Emma Sturt also play key roles in the practice.


‘The firm has a team of experts who are are available and reliable, and have first-class expertise in West Africa and Turkey.’

‘The firm is client-focused and deal-oriented. Senior partners Ian Coles and Rachel Speight are readily available to find solutions.’

‘Chris Arnold continues to be excellent on derivatives, including ancillary areas such as financial sanctions and emerging market issues.’

‘The firm is dedicated and hands on. Ian Coles is perhaps the most experienced mining finance lawyer in the City. Ian is always available when required and his broad experience is crucial in closing deals.’

‘Rachel Speight’s experience and hands-on approach have been instrumental in structuring and closing deals.’

‘They provide quick turnaround times, as well as availability of partners whenever required.’

‘The team is pragmatic, available and business-oriented.’

Key clients


Ohridska Banka

Standard Bank


Africa Finance Corporation

Medea Future Materials Fund




Women in Mining

BNP Paribas


Société Générale


Barclays Bank


Scotiabank Europe

SRK Exploration Services

Credit Suisse


JP Morgan

Sumitomo Metal Mining Co.

Export Development Canada




Toro Gold

Work highlights

  • Acting for Société Générale, Investec and Ohridska Banka in their role as mandated lead arrangers in connection with the project financing of the SASA/DOO lead and zinc mine located in North Macedonia.
  • Advising Africa Finance Corporation on a first-in-kind mining finance mandate in Nigeria.
  • Acting for ING Bank in its role as agent on behalf of a syndicate of lenders on the amendment, restatement and extension of the up-to €960m secured borrowing base facilities agreement for MET Holding and its subsidiaries, with obligors and security in Austria, Croatia, Hungary, Romania, Slovakia, Spain and Switzerland.

Morgan, Lewis & Bockius UK LLP

The London office of Morgan, Lewis & Bockius UK LLP serves as a vital hub for the firm's global emerging markets practice, integrating workflow across its offices in Europe, Central, Western and East Asia, and the US. The practice handles complex financing matters across a wide range of emerging markets, alongside corporate transactions and litigation. The firm's debt capital markets practice has a long track record in groundbreaking transactions in developing markets, with Carter Brod a leading adviser on both US and English law debt issuance, including Eurobonds, medium-term note programmes, sovereign bonds, liability management and convertible bonds. The acquisition finance, leveraged finance, project finance, structured finance, trade finance and asset finance skills of practice head Bruce Johnston are also called upon for landmark deals in emerging markets. Olivier Chambord is also recommended for M&A deals in Europe and Africa. Ayesha Waheed joined from Latham & Watkins, bolstering the firm's presence in investments, joint ventures and leveraged buyouts in Turkey.

Practice head(s):

Bruce Johnston

Key clients

European Bank for Reconstruction and Development (EBRD)

Lao People’s Democratic Republic

Telecommunications Services of Trinidad and Tobago (TSTT)

Republic of Suriname


New Development Bank

PT Well Harvest Winning Alumina Refinery

Euro-Asian Oil SA

Abu Dhabi Fund for Development (ADFD)

Avocet Mining plc

Frigorífico Concepción


Patriotic Energies and Technologies Limited

Work highlights

  • Acted as US counsel to Laos on its debut Rule 144A/Regulation S sovereign bond transaction, the first ever international securities offering from the country of Laos.
  • Advised New Development Bank on a $180m loan to Eskom, the national electricity company of South Africa, with the loan having the rare feature of being governed by public international law.
  • Acted as US legal adviser to the Republic of Suriname on a $125m complex and innovative sovereign bond offering.

Reed Smith LLP

Reed Smith LLP is heavily involved in emerging markets work, both in the corporate and finance arenas, handling capital markets, M&A, banking, commodities, securitisation and derivatives transactions, notably in the construction, infrastructure, shipping, aviation and energy sectors. The firm is also active in dispute resolution and sanctions-related matters. It is highly active in India, with head of the India desk Gautam Bhattacharyya having more than 20 years' experience in high-profile disputes. The London office also focuses on key jurisdictions such as Kazakhstan, the UAE, Eastern Europe and Africa. Finance partner Kevin-Paul Deveau frequently handles large project finance deals in Egypt; Omar Al-Ali handles energy, natural resources and trade finance transactions; derivatives specialist Claude Brown focuses on sovereign finance deals; and structured finance partner Nick Stainthorpe is also active in emerging markets. Senior associate Patrick Sutton in the energy and natural resources group is also recommended. Ranajoy Basu moved to McDermott Will & Emery UK LLP.

Shearman & Sterling LLP

Shearman & Sterling LLP 'brings its knowledge of solving similar problems in other jurisdictions to new emerging markets'. The firm has a strong bench of lawyers for emerging market project development and financings and an impressive track record in jurisdictions such as Kenya, Mozambique, Nigeria, Kazakhstan and Brazil. It brings to bear its in-depth sector expertise in power, oil and gas, infrastructure, metals and mining. Iain Elder is Europe and Middle East project development and finance practice leader and heads the Africa strategy for this practice. 'A star performer and a real dealmaker', Nicholas Buckworth  is global head of finance and has extensive experience in project development. Sanja Udovicic is 'an outstanding individual who is highly committed to her clients'. Also recommended are up-and-coming partners Anthony Lepere and Lachlan Poustie, and senior associates Elizaveta Bazarova and Colm Ó hUiginn, who are recommended for 'helping stakeholders with the complexity involved in delivering major projects'.

Practice head(s):

Iain Elder


‘Shearman & Sterling is an exceptional law firm. They go the extra mile for their clients – absolutely outstanding!’

‘Sanja Udovicic is an outstanding individual who is highly committed to her clients. She makes the difference and bring deals to a successful closing. Even our counterparties on the other side of the table were very pleased with the performance of the Shearman team. Absolutely exceptional!’

‘Iain Elder uses his experience to provide broad-ranging advice and brings international expertise, which is essential for the success of any enterprise. He has a team and peers who are both flexible and experienced in working with stakeholders in emerging markets. Senior associates Colm Ó hUiginn and Elizaveta Bazarova are key members of the team and they complement his experience with expertise in technology, contracting and financing. They play a key role in helping stakeholders with the complexity involved in delivering major projects.’

‘The firm has a very creative and commercial team that delivers dealmaking solutions across both lender and sponsor mandates in the emerging markets. It is equally strong in Asia, Africa and Latin America.’

‘Nicholas Buckworth is a star performer and a real deal maker. Iain Elder is great on petrochemical and oil and gas matters. Sanja Udovic is great on the lender side.’

‘The team has been there and done that over the last two or three decades. In a new emerging market they bring their knowledge of solving similar problems in other jurisdictions. They are also excellent at getting lenders comfortable.’

‘There is a wealth of experience and confidence they can command among lenders. The stars include Nicholas Buckworth.’

‘Their project team is highly efficient – there are few people involved but they are super professionals! Each team member is as effective as possible. The way they prepare documents, negotiate, substantiate a client’s position, and make compromises and find solutions makes it worth hiring this team.’

‘Iain Elder is an exceptionally professional lawyer with a good business approach. His vision on projects and his advice are very valuable. Less talk and more solutions – that is him.’

‘Elizaveta Bazarova is a very efficient lawyer. The way she structures documents and provides consultations is convenient and client-oriented and saves time.’

Key clients

Japan Bank for International Cooperation (JBIC)

ACWA Power

Bahrain Petroleum Company

Golar LNG Limited


Export-Import Bank of Korea (K-EXIM)





Work highlights

  • Advised the International Finance Corporation and KfW IPEX-Bank GmbH as the senior financing parties in connection with the development and financing of the $1.2bn integrated LNG-to-power project located in Porto de Açu, in the State of Rio de Janeiro, Brazil.
  • Advised Abu Dhabi Future Energy Company on the development and financing of the Sharjah multi-fuel waste-to-energy project in the Emirate of Sharjah, United Arab Emirates.
  • Acted for Vertroelektrane Balkana D.O.O. in connection with the development and financing of the first wind farm in Serbia.

Simmons & Simmons

Simmons & Simmons has 'very experienced and capable partners and associates'. The firm has an active energy, resources and infrastructure practice and is also heavily involved in asset management, investment funds, financial institutions, TMT and life sciences matters. For capital markets, project finance, banking, commodities and sanctions matters, the firm operates an integrated international practice with a diverse roster of clients. John Sayers, who handles bilateral, syndicated and structured lending, and head of energy and infrastructure Iain Duncan are the lead partners. They are supported by a deep bench of energy and projects specialists including Adam Cooper and litigator Patrick Boylan, who are frequently involved in emerging markets matters. Managing associate Simon Kenolty is one to watch. Recent hires with emerging markets expertise include infrastructure partner Alex Blomfield from K&L Gates LLP and of counsel Corinne Noel from Skadden, Arps, Slate, Meagher & Flom (UK) LLP.

Practice head(s):

John Sayers; Iain Duncan


‘The firm has very experienced and capable partners and associates.’

‘Iain Duncan and Yves Baratte are both exceptional lawyers and have an excellent understanding of mining finance in emerging markets. They are both very responsive and provide outstanding advice at all stages of the transaction.’

‘Simmons has a very capable emerging markets practice with a knowledgeable team with real hands-on experience.’

‘John Sayers is highly recommended. He is a skilled lawyer with real commercial knowledge and experience of trade and export finance projects in emerging markets.’

Key clients

Orion Resource Partners

Resource Capital Funds

Africa Finance Corporation

Mainstream Renewable Power

Government of Kenya

Diamond Generating / Mitsubishi

Umm Al Houl Power Company

Anglo American Plc / De Beers



Scatec Solar


Work highlights

  • Advised Mantos Copper S.A., as the mine owner and borrower, on a comprehensive $250m financing package to expand production at the Mantos Blancos copper mine located in Chile.
  • Advising NBT on the negotiation of EPC contracts with China Electric Power Equipment and Technology Co, Ltd (CET), a subsidiary of State Grid Corporation of China, and on its preliminary financing arrangement Agreement, under which NBT and CET set out their intentions for financing for Zophia II and Zophia III.
  • Successfully defending the Indonesian Government in a widely-reported bilateral treaty arbitration worth in excess of $500m brought by Indian Metals & Ferro Alloys Limited under the India-Indonesia BIT.

Akin Gump LLP

Akin Gump LLP 'has deep knowledge of the global oil and gas sector', which is a key focus of its emerging markets work. It is best known for project finance transactions in Russia, the Middle East and Central Asia, but is also active in other regions and handles corporate deals alongside finance matters. Its partners frequently advise on ECA-backed loans, pre-export financings, farm-ins and farm-outs, syndicated and bilateral loans and Eurobonds, alongside and other debt securities and derivatives-based financing. Robert Aulsebrook, who focuses on international debt finance, project finance, capital markets and derivatives, and project finance partner Julian Nichol are the lead lawyers in London. Also recommended are Weyinmi Popo and Shaun Lascelles.

Practice head(s):

Robert Aulsebrook; Julian Nichol

Other key lawyers:

Weyinmi Popo; Shaun Lascelles


‘The firm has deep knowledge of the global oil and gas sector and the various transactions done by an oil and gas company in the course of its business activity.’

‘The firm has long years of experience with our company and thorough knowledge of different business segments.’

‘Robert Aulsebrook is in charge of international finance transactions, compliance and information disclosure. He has long years of experience with us as a client, which ensures top-notch execution of transactions.’

Key clients

New Urban Communities Authority of the Government of Egypt


Palestine Power Generating Company (PPGC)

Shams Ma’an Power Company

Lukinter Finance BV

CEVA Group plc

PAL 4 Solar Energy LLC

Work highlights

  • Acted as sole English counsel to the Government of Egypt on the New Urban Communities Authority’s financing for the construction of Egypt’s new administrative capital city, which exceeds $2bn of English law syndicated bank debt.
  • Advised PJSC LUKOIL (Russia) as guarantor and LUKOIL Overseas Uzbekistan Limited (Cyprus) as borrower on a $660m financing to fund the construction of a gas processing complex in Uzbekistan in connection with the development of the Kandym gas fields.
  • Advised LUKOIL on the $850m acquisition of a 25% working interest in the Marine XII licence in the Republic of Congo from New Age M12 Holdings Limited.


Ashurst's practice spans project development, project finance, banking, M&A, capital markets, dispute resolution and a range of other areas. The firm has a long-standing track record of major deals in key sectors such as energy, natural resources, real estate, banking and the digital economy in emerging markets. Its deep bench of lawyers includes global head of corporate Jason Radford; global co-head of projects Joss Dare; head of international arbitration Matthew Saunders; head of high yield Anna-Marie Slot; Africa group head Yann Alix; Africa project finance head Matthew Wood; India group head Stuart Rubin; and head of the the Russia and CIS group Sergei Ostrovsky.


‘Partner engagement is exceptional, whether it is a large matter or a small matter.’

‘Anna-Marie Slot is a standout among her peers. Aside from being a very technically skilled lawyer with broad cross-border experience, she has a unique ability to make you feel safe whether she is representing you or your client. She is collaborative, solution-oriented and positive.’

‘My dealings have predominantly been with Yann Alix, who has excellent Africa experience and insight. He is very hands-on and practical, a problem solver.’

Key clients


European Investment Bank

Iluka Resources

J.P.Morgan Securities plc


Citi India


ACWA Power International


Work highlights

  • Advising Facebook on a number of telecoms infrastructure deals across EMEA.
  • Advised Barclays Bank PLC, Citigroup Global Markets Inc., Deutsche Bank AG Singapore Branch, Emirates NBD Bank PJSC, Investec Bank plc, J.P.Morgan Securities plc, Morgan Stanley & Co. International plc and Standard Chartered Bank, as the joint bookrunners and lead managers, and J.P.Morgan Securities plc, as lead green structuring agent, on the offering of $950m of senior notes by Greenko Solar (Mauritius) Limited.
  • Advising the European Investment Bank in connection with its financing to d.light design to strengthen access to energy in Sub-Saharan African jurisdictions via off-grid solar systems.

Charles Russell Speechlys LLP

Charles Russell Speechlys LLP is recommended for its 'knowledge about ways of working and the legal backdrop in various countries in Africa', and has been notably active in financial services, real estate, infrastructure, telecoms, retail and energy matters in the continent, handling corporate and finance transactions as well as dispute resolution. Practice head Adrian Mayer 'stands out as a solution-driven, results-oriented team head who takes time to understand his clients and their needs'. John Sykes handles international commercial litigation, arbitration and mediation, and his work covers matters in Africa, the Caribbean and the Middle East. Corporate partners Hamish Perry and Keir Gordon also play key roles in the practice.

Practice head(s):

Adrian Mayer

Other key lawyers:

John Sykes; Hamish Perry; Keir Gordon


‘The team, though based in the UK, has taken time to understand the peculiarities of our geography and therefore does not impose the practices of other jurisdictions but takes time to come up with innovative ways to resolve issues peculiar to our geography.’

‘Adrian Mayer stands out as a solution-driven, results-oriented team head who takes time to understand his clients and their needs.’

‘The firm is extremely responsive to queries, with in-depth, easy to understand feedback. They have great depth of resources and are very personable.’

‘Adrian Mayer understands our business and what we are trying to achieve. He provides thoughtful direct responses to matters and is extremely responsive to queries.’

‘The firm has a genuine interest in clients’ priorities, as well as knowledge about ways of working and the legal backdrop in various countries in Africa, and is cognisant of fee pressures and always transparent in billing.’

‘Adrian Mayer takes time to keep up with clients and helps look for opportunities and solutions.’

‘Adrian Mayer has rare experience in African deals with particular reference to the real estate sector.’

Key clients

Actis LLP

Growthpoint Investec Africa Properties

fastjet plc

GHL Bank plc

AgDevCo Limited

Predator Oil & Gas plc

Government of Trinidad & Tobago

Government of The Bahamas

Work highlights

  • Advising Growthpoint Investec Africa Properties on the acquisition of two shopping centres and a real estate fund which involved assets in four different African jurisdictions.
  • Advising Predator Oil & Gas Holdings plc on an oversubscribed placing of shares.
  • Advising Ndiaye on the successful defence of an application to extend a worldwide freezing order which required complex, international settlement negotiations.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP 'understands the specific complications of the emerging markets, when sometimes there is no straightforward solution'. The London office works in close collaboration with teams in New York, Frankfurt, Moscow and Hong Kong to advise clients on finance and capital markets, white-collar crime, commercial litigation, and corporate and M&A matters in emerging markets. M&A partner Geoffrey Burgess, capital markets partner James Scoville, chair of European and Asian litigation Lord (Peter) Goldsmith QC and litigation partner Patrick Taylor are the standout practitioners. International counsel Vera Losonci handles equity and debt offerings with a particular focus on issuers from emerging markets; she has 'incredible knowledge and thinks ahead to flag issues'.

Other key lawyers:

Vera Losonci; Karolos Seeger


‘The firm has a great team with extensive experience’

‘The strength of the firm’s Russia practice and the seamless interaction between the Moscow and London teams makes this a standout service provider.’

‘Vera Losonci has incredible knowledge of her client’s businesses and works hard to ensure she stays up to date with market practice, emerging issues and client position. She has built strong relationships with individuals and institutions more broadly and thinks ahead to flag issues, often before the client has thought of them.’

‘The most valuable quality of the legal advisers for me is the ability to discuss and propose better solutions rather than to receive the instructions from me. The Debevoise practice is unique in that they can provide high-quality consultation and advice on which we can rely and they understand the specific complications of the emerging markets, when sometimes there is no straightforward solution.’

‘It is crucial to me to have a partner assigned to me who is not just a client manager, but a lawyer of the highest level. That is exactly what I get from Debevoise on every project we do together – M&A, capital markets, finance or corporate. There is always a high-level specialist with a strategic view.’

‘They are available 24/7 and are fast and efficient. They are always up to date and fully aware of all legal trends and news. Responses to our queries are not only super-fast, but also include practical solutions. Debevoise & Plimpton is our one-stop shop for all complicated legal matters and projects.’

‘I must highlight Geoff Burgess, who provides practical, business-oriented advice in addition to an understanding the legal complexities of emerging markets.’

‘The team at Debevoise is exceptional. They are of the highest intellect and work extremely hard. Their client dedication is second to none. The advice is clear, concise and always with the interests of the client’s business paramount.’


Key clients

Capital Group Private Markets

Helios Investment Partners

TPG Global

Premier Oil Plc

Rolls Royce


Royal Dutch Shell

Leapfrog Investments

Work highlights

  • Advised funds managed by Capital Group Private Markets, as well as other selling shareholders, on the sale of Eaton Towers to American Tower Corporation for approximately $1.85bn, including assumed debt and subject to closing adjustments.
  • Advised TPG Global on its definitive agreement to take over management of the existing assets of the Abraaj Group’s $1bn Global Healthcare Fund.
  • Acting for Royal Dutch Shell in a dispute following the $1.3bn purchase of a major oil block in Nigeria (OPL 245), and the subsequent allegations of funds being diverted to pay (amongst others) corrupt government officials.

Dechert LLP

The corporate and securities group at Dechert LLP in London has extensive experience in the MENA region, the CIS and Central Asia. Its main focus is on capital markets and it frequently advises issuers, including sovereigns, quasi-sovereigns, corporates and investment funds, as well as large underwriting banks. Douglas Getter leads the practice, while head of international capital markets Patrick Lyons continues to grow the firm's presence in the debt space, including its role as an adviser on sovereign medium-term note programmes. Up-and-coming partner Giles Belsey has expertise in the restructuring of bond issuances. Newly promoted partner Jennifer Rees and associate Amy Rees also play key roles in debt issuance in the MENA region and the CIS.

Practice head(s):

Douglas Getter; Patrick Lyons

Other key lawyers:

Giles Belsey; Jennifer Rees; Amy Rees

Key clients

Arab Republic of Egypt

Bank Audi s.a.l.

Banque Central de Tunisie

JSC Development Bank of Kazakhstan

JSC National Company Kazakhstan Temir Zholy

JSC Ukraine Railways

Kingdom of Bahrain

Lebanese Republic

Work highlights

  • Advised the Arab Republic of Egypt in connection with the update of its $20bn global medium-term note programme and a $4bn multi-tranche sovereign bond issuance.
  • Advised the Government of the Lebanese Republic in connection with various direct placements of Eurobond issues and other matters under its $34bn global medium-term  note programme.
  • Advised the Kingdom of Bahrain, acting through the Ministry of Finance and National Economy, in connection with the establishment and issuance of notes under of its global medium-term note programme, and the establishment of and issuance of trust certificates under the trust certificate issuance programme by CBB International Sukuk Programme Company.


Fieldfisher has been active in both transactional matters and disputes in the CIS, CEE, Russia, the Middle East and Africa. The emerging markets practice is fully integrated with the firm's banking and finance, corporate and litigation groups, and it is noted for its sizeable dedicated Russia and CIS group. Matt Hinxman leads on finance matters and has notable expertise in Russia, Kazakhstan and Ukraine, as well as Ivory Coast, Senegal and other African jurisdictions. Nodir Sidikov leads on capital markets, finance and projects in the energy sector, while Arik Aslanyan heads the CIS group, which specialises in cross-border transactions involving Eastern European countries, most notably Ukraine.

Practice head(s):

Matt Hinxman


We often engage the London office of Fieldfisher to take a lead in large transactions involving several jurisdictions, because this way we are confident that the project will be completed in time and every aspect of the transaction will be taken care of.’

‘Nodir Sidikov and his team have been advising us on various projects for many years and always at a high level. When it comes to the negotiation of sensitive joint venture matters and the need to engage legal advisers arises, our first choice is always Nodir Sidikov, who combines both outstanding legal knowledge and excellent soft skills.’

‘Fieldfisher has strength at all levels of seniority and is effective and competent. It provides excellent and sound advice and an excellent value-for-money service.’

‘Matthew Hinxman is a strong and results-driven litigator, and provides sound and excellent advice. He is a practical, knowledgeable and excellent case coordinator.’

‘Fieldfisher LLP is one of the best we have worked with in the areas of banking, finance and project finance, with a particular emphasis on mining, oil and gas and renewables matters, including litigation.’

‘They possess some of the best expertise in cross-border transactions with Eastern Europe and CIS countries.’

‘Matt Hinxman brings attention to detail to every project in which we are involved. His professional, communication and people skills are excellent, and he always has some very innovative ideas.’

‘The firm is efficient in terms of the quality of work, timing and the cost. They are happy to take work outside the pre-agreed scope, co-ordinate with other counsels and ensure the best possible result in a negotiation process, whether in transactional work, litigation or regulatory issues.’

Key clients

JSC National Company “KazMunayGas”

Cooperative KMG EP UA

Pittas Legal


RCB Bank Ltd

Brick Court

Fountain Court Chambers

Akin Gump Strauss Hauer & Feld

4 Pump Court

20 Essex Street

Essex Court

Cooke Young & Keidan

Quadrant Chambers

Grant Thornton

Vannim Capital

Gazprom UK Limited

Traxys Europe SA

Work highlights

  • Advised CQUR Bank LLC on setting up the bank, providing regulatory and operational advice throughout.
  • Main external English law counsel for all RCB Bank Ltd’s work, including banking transactional, litigation, arbitration, regulatory and employment matters.
  • Acting for Igor Kolomoisky, one of four defendants, in a claim brought by Russian state-owned oil giant PJSC Tatneft for over $368m of oil payments under Article 1064 (tort provisions) of the Russian Civil Code.

Gowling WLG

Gowling WLG is 'focused on commercial solutions - not letting the legal issues lead, but making them fit to our requirements'. The firm calls on a large team of specialists in mining, energy, infrastructure, finance and arbitration to handle regulatory, M&A, financing and projects work in Latin America, Africa and Asia. International energy partner and head of the Africa group Jonathan Brufal and key corporate energy partner Gareth Baker are 'communicative, easy to reach, approachable and clear in their advice'. Regulatory specialist John Cooper, project finance partner Andrew Newbery and natural resources expert Charles Bond are also central to the firm's emerging markets offering.


‘Even though we had to work in a transaction that involved various jurisdictions with quite different backgrounds, Gowling was capable of putting all the work together with the quality we would expect from them.’

‘The firm is really client-driven, available on short notice and proactive in looking for imaginative solutions.’

‘The teams have really strong internal communication, they are focused on commercial solutions – not letting the legal issues lead, but making them fit to our requirements – and they are very flexible in terms of peaks and troughs in work. Finally, their fee structure is highly competitive, commercial and based on building a long-term relationship rather than being short-term focused. Their approach is refreshing and not one that I have seen in other firms.’

‘Jonathan Brufal and Gareth Baker are communicative, easy to reach, approachable, clear in their advice, and very commercial in their approach. The teams under them are dedicated, deliver on time and often under some pressure, and are great to work with. I would recommend Jonathan and Gareth to anyone –  indeed I already do!’

Key clients

AMEA Power

Sumitomo Corporation


Armpower CJSC

AGES Energy Ltd

eThkwini Municipality

International Finance Corporation (IFC)

Bacanora Lithium plc

Bushveld Minerals Ltd

Almar Water

Trademark East Africa

Work highlights

  • Instructed by the IFC to act as legal transaction adviser in its role providing support to the eThkwini Municipality in the development of two new wastewater projects in the Durban area.
  • Advising Bushveld Minerals Ltd on the conditional acquisition of vanadium and ferrovanadium production assets in South Africa for $53.5m from Duferco Investment Holdings, of which $30m was payable in cash and the balance through the issue of Bushveld Minerals unsecured convertible loan notes.
  • Advising GuarantCo on its provision of a $50m contingent capital facility to a newly established corporate in Pakistan that will offer local currency credit enhancement products to sponsors undertaking energy and infrastructure projects that fit with the goals of the Private Infrastructure Development Group, GuarantCo’s umbrella organisation.

Latham & Watkins

Latham & Watkins is a prominent player in key areas of finance in emerging markets, not least debt capital markets. Co-head of debt capital markets Lene Malthasen has expertise in 144A issuances and liability management transactions, with particular experience working in Russia, the CIS, the Middle East, Southern Europe and the Far East. Fellow co-head David Stewart is based in both the London and Moscow offices. The firm also has substantial expertise in project development and finance; John Balsdon frequently handles oil and gas projects in emerging markets. In addition, the firm has a busy Turkey desk, overseen by corporate partner Olof Clausson, which handles M&A, capital markets, projects and arbitration.

Pillsbury Winthrop Shaw Pittman LLP

Pillsbury Winthrop Shaw Pittman LLP operates in emerging markets across the world, acting on the lender side of major projects, with financial institutions and funds among its clients. It also acts for sponsors and borrowers in debt and equity financing, M&A, outward and inward investment, and other corporate and finance transactions. London corporate practice head James Campbell leads the firm-wide Africa group. Also recommended are corporate partner Gavin Watson; Matthew Oresman, who advises on international trade and sanctions; London head of finance and co-head of the global asset finance group Graham Tyler; senior counsel and Russia specialist Nick Burgess, who joined from Jones Day; and senior associate Henrietta Worthington. Trevor Wood moved to Vedder Price.

Practice head(s):

James Campbell


‘The team has remarkable range that is backed up by smart planning, strategy and, most importantly, execution. They really deliver results.’

‘Matthew Oresman is a master at driving a process, developing and working with teams to deliver the result the client wants. He has very impressive professional and interpersonal skills.’

‘It is a highly professional and experienced law firm. They handle debt restructuring and equity transactions and offer a really a good range of services which they can easily cover with their team.’

‘The firm has exceptional individuals who are proactive, very experienced, extremely client-oriented and hardworking. There are no delays, delivery is on time and there is a professional approach to every problem and situation.’

Key clients

Association of Cyprus Banks

Bank of America


BNNP, Bk West, First Hawaiian, Fortis


Deutsche Bank


European Bank for Reconstruction and Development (EBRD)

Fannie Mae


Government of Kosovo


Japan Bank for International Cooperation (JBIC)

JP Morgan Chase & Co.

Natixis Wholesale Banking Americas

Pacific Continental Bank

TD Bank

Wells Fargo

Work highlights

  • Advising the EBRD on the restructuring of the Bulsatcom Group, which provides a variety of telecoms services to Bulgaria.
  • Representing Rusatom Overseas in its nuclear energy sector development in emerging markets.
  • Acting as the international legal adviser to Akkuyu Nukleer NGS on the 4,800MW Akkuyu nuclear power plant project in Turkey, the world’s first NPP project implemented on build-own-operate principles.

Trinity International LLP

Trinity International LLP specialises in corporate and finance transactions in emerging and frontier markets. It continues to act for European, African and North American banks and DFIs in project finance, acquisition finance, corporate finance and lending transactions. Focused predominantly on power projects in Africa, including groundbreaking renewable energy projects, the firm continues to expand the range of its work and is becoming more active in Latin America, Central Asia and Eastern Europe. Founding partners Paul Biggs and Simon Norris are leading lights in energy and infrastructure deals. Also recommended are Kaushik Ray; head of corporate Conrad Marais; and senior associate Jo Sykes.

Other key lawyers:

Jo Sykes


‘Its coverage of Africa and South Asia is excellent. The firm has detailed knowledge of how DFIs operate and what we care about. It has expertise in specific sectors in which we regularly invest and its extensive knowledge means it is capable of providing value-add thought leadership advice.’

‘Kaushik Ray is thoroughly interested and engaged in his work and its potential impact. He thinks about how to make the deal work for both sides, without compromising his client’s position. He is deeply committed to getting the deal done and he is a wonderful person to work with.’

‘Senior associate Jo Sykes works proactively to drive a transaction forward and doesn’t miss a detail. Working with Jo feels like you are in very safe hands. She is considered and practical in her approach. An excellent lawyer.’

‘Trinity is unique. They tend to be more involved in the development stage of the transaction and actually act as co-developers, where they bring immense knowledge to the table. I see them as the go-to firm in Africa.’

‘They have fantastic response times – they have never let us down when we have requested anything of them. They have probably brought more projects to financial close than any other firm I know in Africa. Their knowledge of the industry and the continent is unparalleled. We would never look to work with any other firm.’

‘Simon Norris is a phenomenal lawyer and a great project manager. He is smart, hardworking, prompt and always goes beyond the call of duty.’

‘Conrad Marais is an excellent lawyer.’

‘It has a very well co-ordinated and resourceful team, with a solutions-oriented approach to legal matters. They are always eager to go beyond the call of duty on any transaction to ensure that success is achieved.’

Key clients

Africa Finance Corporation

African Development Bank

KfW Group



DEG – Deutsche Investitions- und Entwicklungsgesellschaft


Rand Merchant Bank

Scatec Solar ASA

Standard Bank of South Africa Limited

Work highlights

  • Advised Scatec Solar ASA on the project financing of a solar power plant in Ukraine under the Ukraine feed-in tariff.
  • Acting for Corbetti Geothermal Limited on the $2bn Corbetti geothermal independent power project in Ethiopia.
  • Advised CDC Group PLC as the lender to Virunga Energy in respect of the Virunga hydro project in Virunga National Park in North Kivu, Eastern Congo.

Bird & Bird LLP

Bird & Bird LLP frequently acts for lenders and borrowers - including conventional commercial banks, alternative lenders, special opportunity lenders and development banks - on a variety of financings in CEE, the CIS and Southeast Europe, North Africa and Asia. Head of emerging markets Andrew Hallgarth, who is 'an outstanding lawyer who is dedicated to his clients', has acted in numerous transactions in these jurisdictions, involving €1.3bn in investment, in the energy, finance, infrastructure, manufacturing, tourism and transport sectors.

Practice head(s):

Andrew Hallgarth


‘The firm has phenomenal project finance expertise with immense reactivity and constructive advice.’

‘Andrew Hallgarth is an outstanding lawyer who is dedicated to his clients to ensure successful outcomes. Compared to other firms with similar expertise, there is also value for money in Bird & Bird’s services. Overall, stellar service.’

‘Andrew Hallgarth is very efficient and fast. A great professional.’

‘Andrew Hallgarth is among the best outside counsel I have worked with. He has incredibly vast transactional experience and is extremely knowledgeable. He is business-oriented, innovative and able to solve the most inextricable problems. Also, he is quite versatile and although we are working with him primarily on debt transactions, I have also worked with him on equity and fund deals.’

‘The firm provides extremely good value for money and is very knowledgeable and responsive.’

‘Very accessible and knowledgeable. The senior partners are very hands on.’

‘Andrew Hallgarth is very knowledgeable, hands on and responsive. He really helps to get a deal done.’

Druces LLP

Emerging markets work at Druces LLP involves the firm's banking, finance and capital markets groups, which focus predominantly on deals in Turkey, India, China and Latin America. Banking, mining and natural resources are the key sectors. The 'helpful and efficient' Charles Spragge is an experienced banking and disputes partner who frequently acts for banks, corporates, financial institutions, directors and shareholders. Corporate partner Dominic Traynor and newly promoted senior associate Jack Kemmish are recommended for AIM listings, equity capital markets transactions, M&A and corporate finance. Christopher Axford handles shari'ah-compliant finance structures.

Practice head(s):

Charles Spragge; Dominic Traynor

Other key lawyers:

Christopher Axford; Jack Kemmish


‘Charles Spragge is very professional and helpful. He works efficiently and delivers high-quality work.’

Key clients

Credit Europe Bank

Denizbank , Turkey

ICICI Bank, India

Bank of London and The Middle East

Alexander Mining PLC

Kibo Energy PLC

Savannah Resources PLC

Katoro Gold PLC

Work highlights

  • Advising Katoro Gold regarding an agreement to participate in a strategic gold production opportunity in South Africa.

Michelmores LLP

Michelmores LLP's busy emerging markets practice advises financial institutions, private equity funds, impact investors, project sponsors and developers on equity and debt investments, exits and portfolio management across a range of sectors, including agribusiness, financial services, FMCG, forestry, real estate and renewable energy. It has a particular focus on mid-market deals. The firm's impact investment practice also continues to grow its client base. Practice head Joe Whitfield has a strong focus on sub-Saharan Africa. 'Versatile and reactive' senior associate Harry Trick is recommended for debt and equity transactions.

Practice head(s):

Joe Whitfield


‘The firm has a strong emerging markets practice, and blends its expertise in private equity with knowledge of emerging markets. We have enjoyed working with them thoroughly by reason of their professionalism and co-operative approach.’

‘Joe Whitfield is very well known in the market. He is a seasoned, experienced lawyer, having worked on numerous private equity deals. Harry Trick also comes across as a versatile, reactive and very available senior associate.’

‘Super-responsive, practical and proportionate. Michelmores finds solutions that work for SME deals in emerging markets.’

‘Joe Whitfield and Harry Trick are both very responsive and provide work in the timeframe they commit to. They are always available for a quick call to discuss a specific commercial point, as distinct from just taking the termsheet and papering that deal. They add value!’

‘The firm has a unique impact investing practice.’

‘Joe Whitfield has deep knowledge of DFI priorities and understanding of impact investors’ requirements.’

‘The firm provides excellent commercial advice and is able to work with, improve and incorporate complex points into legal agreements in an understandable manner.’

‘The firm’s broad experience of many jurisdictions really helps with complex cross-border transactions. Joe Whitfield is exceptional in many areas, including cross-border matters.’

Key clients

African Battery Metals PLC


AHL Growth Fund LP / The Adolf H Lundin Charitable Foundation

Arbaro Fund

Astana International Financial Centre

Berry Properties


Cantor Fitzgerald Europe (AIM Adviser/Broker)

Corporate Finance House Group (subsidiary of First National Bank)

DOB Equity

DSM Venturing



Global Medical Investments AB

Intelsat SA


Pakistan GasPort Limited


Soros Economic Development Fund


Thirdway Africa Capital

United Bank Limited

Orrick, Herrington & Sutcliffe (UK) LLP

Orrick, Herrington & Sutcliffe (UK) LLP stands out for its advice to DFIs, investment banks, private equity and venture funds, strategic investors, and issuers and underwriters doing business in Africa, CEE, Latin America, Asia and the Middle East. The firm handles corporate and finance matters in emerging markets, advising on inbound and outbound investments, and M&A, project finance and capital markets transactions. M&A and private equity partner Shawn Atkinson and energy and infrastructure specialist John Deacon are among the key practitioners in London.

Other key lawyers:

Shawn Atkinson; John Deacon


TLT focuses on finance transactions and, more frequently, disputes. It has strong relationships with Indian banks and has steadily extended its reach into other emerging markets in the Middle East, Africa and Asia. Regulatory specialist Noline Matemera; litigator Paul Gair; and financial services partner Peter Carney are all recommended. The firm has significantly expanded its bench strength in banking, corporate and regulatory matters with the hires of Kanika Kitchlu-Connolly from Gowling WLGRich Hughes from Norton Rose Fulbright and Angela Hayes from.


‘The firm has a small and friendly team of well-versed regulatory lawyers, who are diligent in their approach and attitude and professional in their presentation. They engage closely to understand the issue in terms of how it may be impact our business model.’

‘Noline Matemera is our main contact and brings with her a wealth of experience. A very competent individual who works on practical and sensible solutions.’

‘Paul Gair has engaged with our firm in a very professional manner, undertaking a deep dive to understand how the issues might affect our particular requirements.’

Key clients

State Bank of India


Bank of India

Punjab National Bank International Limited


Union and President of India

Menzies LLP


Work highlights

  • Acting for State Bank of India (as lenders agent for a consortium of 13 Indian banks) relating to the registration of an Indian judgment in England and Wales against Dr Vijay Mallya and in obtaining a freezing injunction against him.
  • Acted for IDBI Bank in relation to proceedings against Axcel Sunshine Limited (a BVI company) for its default under a loan agreement.
  • Acting for Bank of India in pursuing the recovery of $27m relating to various facilities provided to two Panamanian registered borrowers which were used to assist with the purchase of two ships.