2merkato

International Finance Cooperation (IFC), member of the World Bank Group, disclosed it will loan 90 million Euros to Afriflora Group, a large-scale rose grower and distributor based in Ethiopia.

According to the statement issued, IFC said the funding for Afriflora is targeted to increase production by 60 percent, install water recycling systems and increase employment up to 50 percent.

The assistance is significant for Ethiopia’s horticulture sector by enhancing export capacity and increase employment opportunity, said German Vegarra, IFC Head of manufacturing, agribusiness and services in Africa.

Afriflora Group, which is founded in 2004, is a manufacturer and marketer of cut-rose products with a large scale production farm based in Ethiopia. The company’s main growing facility is situated in Ziway, Ethiopia. It is one of the largest single rose growing facilities in the world.

Source: Ethiopian News Agency

Dangote Cement, a newly built cement plant in Ethiopia, which is owned by Dangote Group, is to commence production next month, Ethiopian News Agency reported.

 Ministry of Finance and Economic Development of Ethiopia (MOFED) signs a credit facility agreement worth 50 million Euros (approximately 1.07 billion Birr) with French Development Agency on Thursday, April 16, 2015 at its office.

Ethiopian Roads Authority (ERA) has signed contracts with three companies for road constructions in various parts of Ethiopia, here in Addis on April 15, 2015 at its head office. ERA’s acting director, Sisay Bekele signed contracts with China Railway Seventh Group Limited Company, China's First High Way Engineering Limited Company and Ethiopia’s Defense Construction Enterprise.