| AEA Praise the Lord! Construction work stalled since September 2017, when we ran out of funds for the project. We had been knocking doors on several financial houses for a mortgage loan. While nearly all the banks were attracted to the project and all approved request in principle, they all presented us with preconditions that were were not able to meet. They basically wanted proof of other sources of funding for loan repayment, in the likely event (in their risk calculation) the project does not succeed as the market survey indicates.
God in is grace and mercy shows up, and brought in our way, a few Christian entrepreneurs in Nigeria, who provided the total amount of funds, totalling USD 2 million, required for the completion of the project! We want to register our appreciation and motivation for this brothers, willing to do what the institutional banks could not risk.
However, the loan is still at commercial interest rate, which no doubt, is high. We consider this as an overnight borrowing, providing us some bridging finance to bring the project to completion. The key to mitigating the burden is to ensure we are able to pay the loan at the earliest time possible, after a seven- month moratorium, effective March 2018.
We are still looking up to you as individuals, families, churches and organisations, and all who care to support the strengthening of AEA and indeed, the Church in Africa, for the overall goal of continuing the establishment of the Kingdom of God on earth. We want to earnestly appeal to you, for your financial contributions and prayers to meet this goal, as much as possible within this seven- month window. We will keep you updated on progress of the project periodically. |
