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Ethiopia Prepares to Privatize 10 Sugar Factories

sugarEthiopia's Ministry of Finance announced that preparations are underway to privatize ten sugar factories. This will be done in a way that will be of benefit to the country, the Ministry emphasized.

The first phase of the move is intended to see Wolikit, Beles I and II, and Kesem sugar factories privatized.

The sugar factories of Metehara, Fincha and Wonji will remain state-owned for now, the Minsitry of Finance further related.

Brook Taye (Ph.D.), advisor the Ministry of Finance, said "a lot" has been done to privatize ten of the thirteen sugar factories Ethiopia has. To this end, the advisor noted, technical assessment on the current standing of the factories has been performed, along with the development of market strategies.

Although Ethiopia disclosed plants to privatize sugar factories two years ago, no sugar factory has yet been privatized. Dr. Brook said the delay is due to the "need [for] focused attention and preparation," which, he said, made it difficult to set a specific date on exactly when the sugar plants will be privatized. Even so, he pointed out, efforts are underway to finalize the privatization of the factories.

So far, thirty companies have submitted their expressions of interest to take part in the privatization process, the advisor the Ministry of Finance indicated.

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Source: FBC