Habesha Cement S.C. has secured a letter of credit (LC) for its Chinese contractor from the Eastern & Southern Africa Trade & Development Bank, known as the PTA, Fortune reported.

The PTA opened the LC on December 19, 2013, at the contractor’s bank. The PTA agreed, on August 22, 2013, to co-finance the project by lending US$ 50.4 million.

The LC, which was required before the factory equipment could be imported, was what had hindered the Chinese contractor from beginning work on the plant, Mesfin Abi, CEO of Habesha, said at a press conference held on Thursday, December 26, 2013, at the Company's headquarters. Now work can begin as soon as January 2014, he added.

Tata Consulting Engineers Co. Ltd of India has already been hired as the project consultant in an agreement signed in November 2010.

Habesha was established in September 2008 with 30 founding shareholders. The company floated 600,000 shares to the public on September 18, 2008, with a value of 1,000 Br each. When the initial public offering was closed, Habesha had amassed over 16,000 shareholders – the largest base for a private company in the country.

Source: Fortune