The Ecograf (ASX:EGR) share price is surging 9%. Here’s why

Shares in Ecograf Ltd (ASX: EGR) are storming higher today after the company announced positive developments regarding a project debt facility application. During the opening minutes of trade, the Ecograf share price reached an intraday high of 42.5 cents.

However, after some profit taking, the company’s shares have retreated to (at the time of writing) 41.5 cents, up 9.2%.

What’s driving the Ecograf share price?

The Ecograf share price on the rise today on the back of the company’s latest news.

Ecograf highlighted that during the recent quarter, it applied for a $45 million project debt facility from Export Finance Australia. The company submitted development reports and an engineering study report to secure funds to…