Brilliant outcome by JdV. Transaction structure is complex.
Quite incredible the way the government takes 16% fci, any debt financing is provided by BKT UK to newco Faru with no financing costs to be incurred by Faru and collateral is BKT’s 84% interest in the project, then they tax the project at 30%. Presumably any debt repayments aren’t subject to the 16% WHT that may have otherwise been necessary?
perhaps clarity on the final funding structure and what that means for BKT net interest would help?
Ann: Framework Agreement Signed with the Government of Tanzania, page-25
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