Arias, Fábrega & Fábrega acted as Panamanian counsel to International Finance Corporation,  on the loan made available to GAC Marine Holdings Limited and GAC Marine Kazakhstan LLP as joint and several borrowers for up to US$35 million. 

The proceeds from the loan were used to finance the purchase of anchor handling tug supply vessels, anchor handling tugs, platform supply vessels, crew boats, fast supply vessels or utility boats/mini supply vessels, and certain other costs and expenditures associated with the overall transaction. 

The financing is secured by a first fleet mortgage on the Panamanian vessels GAC 81 and GAC 82, each of 3,319GRT, for the amount of US$35 million.

This transaction represents a new trend in ship financing. In light of the scarcity of sources of financings, private companies (particularly in Asia) are increasingly recurring to International Finance Corporation (a branch of the World Bank that lends to the private sector) as an alternative to traditional sources of commercial financing.  GAC Marine serves primarily the offshore sector (oil exploration) in the Middle East, Central Asia and Africa with its fleet of specialized tugs, barges and landing craft.