Cleary represents Argentina in a facility agreement with Qatar
Cleary Gottlieb represented the Argentine Republic, as borrower, in connection with the negotiation of a 580,000,000 Special Drawing Rights (SDRs) facility agreement with the State of Qatar, as lender, which was executed on August 4, 2023.
The SDRs represent approximately US$775,000,000. The loan under the facility agreement accrues interest at the variable interest rate applicable to SDRs (4.033% as of August 4, 2023) with no additional surcharge or commission of any kind payable to Qatar.
Argentina used the proceeds of this facility agreement to make a scheduled payment to the International Monetary Fund (IMF) under the SDR 31,914,000,000 30-month extended fund facility between Argentina and the IMF, which was approved by the Executive Board of the IMF on March 25, 2022.
Cleary Gottlieb relied on led partners Juan Giráldez (pictured left) and Jim Ho (pictured right) and included associate Ignacio Lagos. Partner Christopher P. Moore and associate Paul Kleist provided advise on arbitration matters and partner Richard Sultman and associate Peter North provided advise on tax matters. All lawyers are based in London, except Juan Giráldez who is based in Sao Paulo and Ignacio Lagos who is based in New York.
