RNS13 Feb 2024 07:24
Looking very positive!
Project Launch Update
As previously reported, the three critical conditions precedent set by the Project lenders were formally achieved in October 2023 (see announcement dated 5 October 2023). This led to final credit committee approval by the lead-lender (see announcement dated 10 January 2024).
The Company can now report that all the other parties in the funding syndicate, have advised they will this month go to their respective committees to approve the proposed transaction.
The Ethiopian Federal Government also attended and reaffirmed its equity capital investment has been fully documented, committed and already partly invested.
The contractors in the syndicate have all reaffirmed their intention and readiness to enter into the already-drafted definitive documentation to enable full Project launch in H1 2024 as previously outlined.