Zenith Energy has announced that its Italian subsidiary has received approval to be awarded a legally binding loan facility for an amount of approximately €300k from an Italian governmental entity.
The loan attracts an interest rate of 0.85 per cent, has a grace period of 24 months during which only the interest will be payable, normal financial covenants, and a duration of 6 years.
Under the terms of the Loan, all funds to be disbursed are to be utilised for the purpose of the establishment of commercial activities in Africa, specifically in the Republic of Congo and the broader West Africa region.
The Company plans to file an application for a second loan facility of this kind, designed to assist Italian commercial enterprises in the current challenging financial climate, for the purpose of making infrastructural investments in its Italian natural gas, condensate and electricity production operations.
Source: EnergyPedia via CrudeMix Africa