International law firm CMS has advised Bank Gospodarstwa Krajowego (BGK) and Korporacja Ubezpieczeń Kredytów Eksportowych S.A. (KUKE) on direct financing for the Treasury of the Republic of Rwanda for the purchase of a Polish milk cooling system. The value of the financing is EUR 23m.

On October 26 in Rwanda’s capital Kigali, BGK signed an export credit agreement, insured by KUKE, with Rwanda’s Ministry of Finance and Economic Planning, concerning Faspol sp. z o.o. and the Republic of Rwanda Agriculture and Animal Rescue Development Board concluding a contract for Faspol to deliver nearly 400 milk cooling installations with additional equipment and construction components for state-run collection centres in Rwanda.

The loan was granted under a sovereign finance structure, with the Rwandan Treasury as the borrower directly and the Polish exporter Faspol as the beneficiary of the funds. The loan to the Republic of Rwanda is part of BGK’s programme to support the foreign expansion of Polish companies in Africa. Since 2009, BGK has supported more than 120 export transactions in 19 African countries.

The contract is strategically important for Rwanda’s socio-economic development, and its implementation will help reduce milk losses due to improper storage, increase production capacity and access to dairy products. Its value is also unique, significantly exceeding the annual value of Polish exports to Rwanda to date.

Faspol is a manufacturer of silos and tanks for storing bulk liquids used in the construction, chemical and food industries. It has one of the most modern stainless steel tank production facilities in Europe. In 2017, Faspol opened a branch in Kenya, from which it serves customers in East Africa.

The CMS advice included preparation of the facility agreement and general transactional advice.

The CMS team was supervised by Michał Mężykowski and led by Artur Bednarski, with support from Kamila Singer, Iwona Ciszyńska and Michał Horelik (Finance).


  • CMS

    Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With 81 offices in 45 countries across the world and more than 5,000 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets. The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate / M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate. For more information, please visit