Cariola Díez Pérez-Cotapos represents Chile’s EFE on credit facility with CAF
Cariola Díez Pérez-Cotapos SpA has acted as special Chilean counsel to Empresa de los Ferrocarriles del Estado (EFE), the state-owned railway company of Chile, in securing a USD 500 million unsecured long-term credit facility with Corporación Andina de Fomento (CAF).
This 20-year financing agreement will partially fund EFE’s investment plans, including critical railway infrastructure projects across Chile. The deal marks the first financing granted by CAF to a Chilean state-owned company in over 50 years, following Chile’s accession to the “Convenio Constitutivo de la Corporación Andina de Fomento” in January 2023.
The financing incorporates strict environmental, social, and technical requirements under CAF’s Environmental and Social Safeguards, both as conditions precedent for disbursement and as ongoing covenants. This milestone agreement underscores CAF’s recognition of EFE’s investment plans and its significant contributions to sustainable infrastructure development in Chile.
The legal teams involved in this landmark transaction included Cariola Díez Pérez-Cotapos, Morales & Besa, and the in-house legal team of Corporación Andina de Fomento (CAF).
Cariola Díez Pérez-Cotapos acted as special Chilean counsel to Empresa de los Ferrocarriles del Estado (EFE), with a team led by partner Rodrigo Sepúlveda (pictured left) and supported by senior associate Teresita Fernández (pictured center) and associate Alejandra Díaz (pictured right).
Morales & Besa served as local counsel to CAF, leveraging their expertise in financial and corporate law to support the lender’s side. Additionally, CAF’s in-house legal team played a crucial role in ensuring the successful execution of the financing agreement.
