Overseas Project Development and Finance
Foreign direct investment has expanded dramatically over the past decade, with the U.S. being the largest source of foreign direct investment flows worldwide. Beveridge & Diamond, P.C. advises a wide-range of clients on the environmental and social review procedures and standards of U.S. and multilateral financial institutions that often govern overseas project development and finance. The Firm also helps U.S. and multinational clients identify and comply with national and local “host country” environmental requirements.
We routinely track and counsel clients on the environmental and social safeguard procedures and policies of the International Finance Corporation (IFC) and regional development banks such as the Inter-American Development Bank and the Asian Development Bank. The Firm also advises clients on the expanding environmental review procedures and standards of key U.S. financial institutions such as the Overseas Private Investment Corporation (OPIC) and the U.S. Export-Import Bank. We also advise clients on matters related to the decision of leading private sector financial institutions to adhere to IFC social and environmental performance standards through the Equator Principles.
Recent examples of our work on matters related to overseas project finance and development include:
- preparing worldwide sustainability policies on the Mining and Oil & Gas sectors for a large international financial services company, including benchmarking research on the policies of peer companies, multinational financial institutions and NGOs to inform our client's internal decision making;
- advising an IFC led lender group on compliance with environmental and social policy review procedures and standards in connection with large “Category A” power project in Africa;
- advising clients in various industry sectors on proposed IFC social and environmental performance standards;
- preparing industry comments on revisions to the IFC’s Pollution Prevention and Abatement Handbook (PPAH) and related IFC performance standards and guidelines;
- assisting clients in the mining sector with the preparation of comments on new OPIC environmental review procedures and standards;
- advising a U.S.-based multinational corporation on the national and provincial air pollution controls applicable to a major green-field investment in China;
- preparing an analysis of federal environmental laws governing dam construction, operation and decommissioning in the U.S. in connection with the work of the World Commission on Dams.
Several attorneys with the Firm have experience working with bilateral and multinational financial institutions. For example:
- An attorney with the Firm previously served in the Latin American & Caribbean Region of the World Bank where he assisted in drafting of environmental laws in Latin America. This work included supporting an internal investigation before the World Bank's Inspection Panel.
- The Firm has been retained by the World Bank and the Asian Development Bank to assist with environmental law drafting and capacity building in Asia.
- A senior attorney with the Firm represented the U.S. Government working closely with outside counsel from OPIC in a claim brought by the U.S. Government and OPIC against the Government of India relating to an OPIC insurance policy for the Dabhol Power Plant.
Our presence in Washington, D.C. and experience addressing a wide range of environmental and social issues that often arise in connection with large overseas projects allows us to assist with the environmental aspects of particular transactions, monitor and advise clients on new environmental and social policies and standards, and identify options and forums for managing risks and resolving disputes.