Joedlia IIB DG PTY LTD.

Joedlia IIB DG PTY LTD.: IBB-DG acquired the Joedlia IIB DG PTY LTD. Joedila Investments CC obtained equity financing from IIB Development Group and signed a US$ 5.5 billion loan agreement and MOU for 100% funding for finance and construction of a crude oil refinery under design – build – finance – own – operate – transfer (DBFOOT): Terms include annual interest rate of 1.5%; Repayment period of 30 years and grace period of 4 years.

A special purpose vehicle (SPV) named Joedila IIB DG Refinery Pty Ltd. (NAMIBOIL) has been formed with the following shareholding structure: (i) IIB Development Group – 70% (ii) Joedila Energy Group – 20% (iii) NAMCOR – 10%.

The crude oil refinery comes with many benefits, especially to the people of Namibia. Foremost, the country will have access to its own refined petroleum products, which will create energy security and price stability. Secondly, exports of in-demand petroleum products to our neighboring countries, through long-term agreements will provide stable and predictable revenues in the Southern and Central African regions.