Algerian company called, Cevital, concluded a memorandum of understanding (MoU) with the Ministry of Public Enterprises or the construction of 3 factories. The MoU was signed on Friday, February 24, 2017.

The Algerian firm is a private company that is active in different sectors including railways and manufacturing. According to Fortune, the company’s annual earning is 4 billion USD.

Cevital is going to construct factories that will produce oil, sugar and animal feed. The oil factor that will have annual production capacity of 3.5 million tons and the sugar factor will produce 1 million tons of sugar per annum.

It was Girma Amente, Minister of Public Enterprises, that signed the MoU on behalf of the Ethiopian government while Cevital’s CEO, Issad Rebrab, represented his company.

“It was challenging to attract this kind of international investor to Ethiopia, because of the bureaucratic issues businesses face,” said Solomon Abebe, ambassador of Ethiopia to Algeria. “The various Ministries have pledged their support for the project. The Company will also have a dedicated desk at the Investment Commission.”

Commenting on the development Girma said, “The Ministry collaborated with other government offices, and pooled resources to help facilitate the investment”.

Source: Fortune