ODC managing director, Toby Frears recently told The Monitor Business that a transparent procedure that gave every stakeholder an opportunity to fund ODC was followed and Standard Chartered Bank topped the list.
"We believe that Standard Chartered's experience in the global diamond industry, together with their local expertise, make them an ideal partner for ODC," he said on the sidelines of ODC's official launch.Frears said government provided the initial start-up capital for ODC through a loan facility. "The government loan was offered to ODC as part of our start-up capital requirements to ensure the successful establishment of the business," ODC deputy managing director, Marcus Ter Haar said. He stated that the government loan facility was extended to ODC on a commercial basis and at market related interest rates. He said that ODC would re-pay the loan as per agreement with the Ministry of Finance. "We look forward to doing business with Standard Chartered in the near future. They are our lender of choice based on the competitive financing they offered our company," he said. He added that the finance they have secured from Standard Chartered Bank will cover ongoing working capital (diamond purchases) requirements. "ODC will continually look at optimising its financing requirements to ensure we remain competitive," Ter Haar said.
