I think what they mean is to get access to the first $10mill,...

I think what they mean is to get access to the first $10mill, they only need a $10mill SBLC.
If everything is going well will they then need a second SLBC to get the next $10mill from CRBD??

CRBD are only funding a portion of the build - so their risk is reduced. Then they want 100% insurance as well? Stopping at just the one $10mill SBLC should be enough to reduce their risk of the project defaulting at some point. *If* Lindi falls over - CRBD gets $10mill from the SBLC provider and then they can extract what ever else is owed from selling Lindi assets. The EY study should prove to CRBD (and the SLBC provider) just what value they are dealing with.

Why doesn't the GoT step in and provide the SLBC? They are getting a tasty 16% of dividends paid and the local town 6% - huge boost to the Tanz economy. And Lindi gettign up and running shows they want to do business with international companies!!