Ann: Sconi Project in Due Diligence Phase for NAIF funding, page-167

Pc - I did not infer that Governments set out to support businesses that are likely to fail. But where there are positive externalities that are not captured in the market pricing (i.e. market failure), such that the business cannot raise sufficient development funds, a Government may step in with concessionary support to get the project over the line. But they will only do it after considerable DD and conclusion that the business will be sufficiently profitable with the concessionary assistance.

That appears to be the situation here. Affter nearly a year of negotiations with potential funders and additional finessing of the BFS, the BFS has apparently fallen short in convincing the banks to commit sufficient funds. Hence the need for the Bergen bridging finance and the NAIF submission for concessionary loan funds. Perhaps to comprise 30 to 50% of capital budget with commercial banks taking the rest. Explains the delayed BFS.