Addis Ababa – KEFI Gold and Copper Plc has finalized a $240 million debt financing package to fund the long-awaited Tulu Kapi gold project in western Ethiopia, marking a significant milestone for the country’s emerging mining industry.
The financing — led by the Africa Finance Corporation (AFC) and previously approved by the Eastern and Southern African Trade and Development Bank (TDB) — completes the $340 million required to fully develop the project. Once ratified by AFC’s board, the deal will pave the way for construction to move into full swing.
KEFI’s Executive Chairman Harry Anagnostaras-Adams hailed the agreement as “perfectly timed,” noting that the company is poised to capitalize on record-high global gold prices. “This marks the start of Ethiopia’s first modern, industrial-scale gold mine — a project that stands to transform both KEFI’s trajectory and the nation’s mining landscape,” he said.
The Tulu Kapi project, scheduled for full launch in Q2 2025, has faced years of delays tied to regulatory adjustments and regional security conditions. KEFI’s ability to navigate these hurdles underscores the growing maturity of Ethiopia’s investment climate as the government pushes to diversify exports and attract foreign capital beyond agriculture.
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