Ethiopia secures $200M for cement plant

  1. Posted on Thursday 26 June 2008 - 09:30
    deodatus
    deofuga@yahoo.com
    Deodatus Mfugale, AfricaNews reporter in Dar es Salaam, Tanzania, photo: Olivier Nyirubugara
    Ethiopia will build a new cement plant in Derba, 70 kilometers north of the capital Addis Ababa, after a local industrial conglomerate known as Midroc signed a $200 million loan agreement with the International Finance Corporation (IFC) on Wednesday.
    building_house_cement
    Deodatus Mfugale

    Ethiopia will build a new cement plant in Derba, 70 kilometers north of the capital Addis Ababa, after a local industrial conglomerate known as Midroc signed a $200 million loan agreement with the International Finance Corporation (IFC) on Wednesday.

    The total cost of the plant will be 351million USD, officials said. IFC is the private sector arm of the World Bank.

    The rest of the money, 151 million USD, will come from Midroc owner, a Saudi-Ethiopian tycoon, Mohammed Hussein Ali Al-Amoudi.

    Midroc Chairman Sheikh Mohammed Hussein Al-Amoudi said during the signing ceremony that the plant with the capacity to produce up to 2.5 million tonnes a year “ will surely address the acute shortages of cement in Ethiopia."

    Commenting on the new deal an official with the Ethiopia Ministry of Trade said that 24 factories will be built in different parts of the country as a result of partnerships between local and foreign investors.

    According to the official, Ethiopia’s demand for cement stands at about six million tones “and production will be above this demand by next year when some of the factories began production.”

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