Sorainen Belarus advised the International Finance Corporation (IFC) in connection with its lending of an amount of BYN equivalent to USD 10 million to Priorbank. The loan is aimed at supporting the borrower’s working capital, as well as its trade-related lending programme for Belarusian small and medium enterprises (SMEs) in direct response to the COVID-19 pandemic.
IFC is a global financial institution investing exclusively in for-profit private-sector projects in developing countries. IFC is a member of the World Bank Group and has its headquarters in Washington, D.C. in the United States.
Priorbank is one of the largest private Belarusian banks, part of the Austrian Raiffeisen group.
Sorainen team conducted limited legal due diligence on the borrower, advised IFC on transaction documents, assisted with closing and issued a legal opinion. The Sorainen team consisted of partner Kiryl Apanasevich, counsel Ann Laevskaya and associate Artem Melnikovich.