Following further revisions of the Project financing strategies with the Project’s key bankers, including Eastern and Southern African Trade and Development Bank, the Agreement was signed. After AFC reached an agreement with the Ethiopian government in March 2023 for Ethiopian country membership, the Agreement was ratified. KEFI’s has already contributed historical equity investment of USD 95 million to the Project’s up to this point. The remaining USD 75 million in project equity financing will be provided by KEFI and its local partners through share subscriptions in TKGM. The Federal and Regional Governments are the major local stakeholders in TKGM, each contributing USD 28 million.

Source: Ethiopian News April 28, 2023 17:15 UTC