Ann: Cabinda Phosphate Fertilizer Project Funding Update, page-25

"The IDC adjusted its condition precedent for the Company to obtain a US$10 milion
working capital facility and instead requires the Company to obtain a term loan for
US$10 million."

The change in conditions from a working capital facility to a term loan structure suits Minbos IMO.

They require a significant amount of money for their long-term projects and capital investments. A term loan provides a lump sum that can be used immediately, helping to manage their large capital expenditures with a predictable repayment schedule.

Furthermore, term loans generally have lower interest rates compared to working capital facilities, reducing the overall cost of borrowing for large amounts.