Akobo Minerals, a Scandinavian-based Ethiopian gold exploration and mining company, has announced that it has signed a memorandum of understanding (MoU) with the Ethiopian commercial bank, Oromia Bank. Under the terms of the MoU, Akobo Minerals and Oromia Bank, as leaders in their respective fields, will cooperate to develop domestic services related to financing new exploration and mining projects, in accordance with international standards. Together, these services can support the advancement of Ethiopia’s domestic mining industry. Through their collaboration, Akobo Minerals and Oromia Bank hope to become the leading industry mining partner offering operational and financial services, respectively, for new ventures and projects in Ethiopia. Separate to the domestic mining services MoU, Akobo Minerals is also in negotiations with Oromia Bank to agree a corporate funding package.

Source: Ethiopian News February 21, 2022 23:36 UTC