What a fiasco. Project financing from a Tanzanian bank, what could possibly go wrong. Its now time for rampers to stop claiming that WKT has "the first project debt funded outside of China"
WKT needs to come clean with the detail on the SBLC so that the investors can make a real assessment of the risk of the CBRD funding package and thus the risk of the project not being fully funded. Details like how much is it for, term, criteria for the issuing bank, security required by the issuing bank, finance costs, and most importantly when it can be called on. Its unclear whether it is cover debt repayments, construction cost over-runs, or trading revenues.
What a fiasco. Project financing from a Tanzanian bank, what...
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