Bank Hapoalim, an Israeli bank, concluded over USD 200 million deal to finance an irrigation project in Ethiopia which is being carried out by an Israeli firm called Netfim. The project is owned by a government owned sugar company.

According to Reuters, the project covers 7,000 hectares of sugar cane. Netafim has also explained it as the firm’s largest deal ever.

The Ethiopian Government is the guarantor of the finance which is provided as buyers’ credit. The finance is going to be transferred directly to Netafim as payment for exports. The loan is expected to be paid in 9 and half years.

Netafim, which has 17 factories and 4,300 employees over the globe, noted that this was a similar project that the firm had carried out in in India, South Africa, Brazil and Peru.

Source: Reuters