China`s ICBC, Standard Bank sign Morupule deal

source: Mmegi
Staff Writer

Government has committed P1.5 billion as part of equity financing for the $1,6-billion (P11.14 billion) Morupule B Power Station expansion project.

This was revealed by the Chairman of the Botswana Power Corporation (BPC) Ewetse Rakhudu at the signing ceremony of loan agreements between the Industrial and Commercial Bank of China (ICBC), South Africa-based Standard Bank and the BPC.

The consortium of ICBC and Standard Bank, which operates as Stanbic Bank in Botswana, will provide a $825-million loan for the expansion project which will be serviced over a period of 20 years and is backed by a guarantee from the Ministry of Finance.

The consortium will also provide a $140 million bridge loan for the project, covering 85 percent of [continue reading]

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