Cross-border letter of guarantee business for wind power EPC projects in Pakistan
Legal services for the Belt and Road Initiative is one of the key businesses newly expanded by City Development Law Firm in recent years. In 2015, the Chinese consortium won the bid to build a wind power project in Pakistan, with a total investment of more than hundreds of millions of RMB. In consideration of local foreign exchange control and related transactions, domestic enterprises apply for open credits from domestic commercial banks in accordance with the EPC contract, and open multiple foreign-related guarantees. Lawyers from the Real Estate Finance Department of the firm acted as legal advisors to domestic commercial banks. They provide special legal services on the risk clauses in the above-mentioned guarantees, domestic laws and the legal application of URDG758, dispute resolution mechanisms, etc., and provide landing laws for Chinese companies to "go global" stand by.