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    East African Business Week: World Bank Backs Orca $60m Bid for Tanzania Gas

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Summary

The World Bank's private lending arm, International Finance Corporation, is loaning Orca $60 million to start work in Tanzania's Songo Songo field

by: Erica Mills

Posted in:

Press Notes, Africa

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East African Business Week: World Bank Backs Orca $60m Bid for Tanzania Gas

The British Orca Exploration Group has confirmed that it will proceed with the first phase of the Songo Songo development programme after getting World Bank backing.

Private lending arm, the International Finance Corporation (IFC) is providing the $60 million that will be given to PanAfrican Energy Tanzania as loan. Pan African is a Orca subsidiary.

The investment is currently contemplated as a subordinated, income participating loan with flexible repayment terms and a maximum tenure of approximately 10 years.

Read the full article HERE.

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