Project finance is a tough gig and working with a local commercial bank in Tanzania would not have been easy. Banks want to participate and they make all the right noises, but in the end you are beholden to their credit committees and processes. You can imagine how risk averse they have become in the current economic environment. But it's all ancient history now and the current proposal still allows the company to utilize as much debt as the bank is prepared to offer, so it's onwards and upwards.
Ann: Supplementary Prospectus, page-46
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