Pan-African multilateral trade finance institution the Africa Export-Import Bank (Afreximbank) has approved a R28-million project preparation facility for titanium dioxide pigment manufacturer Nyanza Light Metals, which is based in the Richards Bay Industrial Development Zone (RBIDZ).
Afreximbank has also been appointed the mandated lead arranger to arrange the R4.5-billion needed for the construction of Nyanza's operations at the RBIDZ.
Afreximbank project preparation head Zitto Alfayo made the announcement during the start of construction of the operations on May 6.
"The R28-million is meant to fast-track the detailed engineering work that Nyanza will be completing for Phase 1 over the next ten months and to prepare the project for construction of phases 2 and 3 that is estimated to equate for the entire R4.5-billion investment value," said Alfayo.
Nyanza CEO Donavon Chimhandamba said that having the support of a continental bank such as Afreximbank was testament to the quality of the work done by the manufacturer to date.