Except the key point is the kindergarten appears to be a...

Except the key point is the kindergarten appears to be a Tanzanian financial institution. WKT shareholders had to find out the hard way how the government mandated Tanzanian based debt funding can come back to bite investment sentiment.

What CRDB has been unable to budge on, is akin to:

someone is looking to borrow $200 to build a house
bank says only if you spend $100 on the house to show you are serious
then bank says we will only lend you $200 if you also have $200 or assets equivalent as security

Then it begs the question what that $100 spent was for if it does not reduce the risk profile/security requirement?
What the interest rate on the loan is for if it does not represent the assessed risk?
What is the point of borrowing $200 if you have to cough up $200 first? For the privilege of the bank to charge you interest on that additional borrowing?

Maybe it is management's naivety in assessing Tanzania banking as similar to anywhere else in the capital market. Problem is WKT is still trying to find out what exactly does CRDB want.