KEFI lender AFC receives formal parliamentary ratification for Ethiopian Country Membership
KEFI Gold & Copper () , the gold and copper exploration and development company focused on the Arabian-Nubian Shield, has highlighted the granting of by the Ethiopian Parliament of formal ratification of Ethiopian Country Membership for Africa Finance Corporation (AFC).
AFC is one of KEFI's co-lenders for the Tulu Kapi gold project.
Country Membership was a critical condition precedent for AFC's participation in the roject financing alongside Eastern and Southern African Trade and Development Bank (TDB), which already has Ethiopian Country Membership.
Following AFC being formally granted Ethiopian Country Membership, KEFI will now continue with the remainder of the scheduled project launch steps, as pre-agreed with the Ethiopian government and the project syndicate.
View from Vox
Today’s ratification marks another tick in the box as KEFI moves inexorably towards breaking ground and initiating construction at Tulu Kapi. The Ethiopian government has thus far demonstrated a significant degree of support for the project, and with the bureaucratic hurdles beings surmounted one by one, and the financiers now falling into place, it’s not surprising that the shares ticked up by nearly 10% on this latest news.
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