Mozambique: AFC agrees $3m loan for Ncondezi

The Africa Finance Corporation (AFC) has agreed a $3m loan for AIM-listed Ncondezi Energy, which is developing a 300MW coal power project in Tete province. AFC is the largest shareholder in Ncondezi. The loan, to be delivered in two tranches, will be in addition to a $1.32m shareholder loan facility announced in May and will fund ongoing project costs. The first $1m tranche will be repayable on 10 May 2017 while the second $2m tranche is conditional and will be repayable over 24 months following the first drawdown.