The Ethiopian Sugar Corporation Signed a 500 million US dollar deal with the China Development Bank. The loan is intended to finance the construction of two refineries as part of plans to double output in the next ten years.
The Ministry of Finance and Economic Development and the Sugar Corporation signed a Memorandum of Understanding for the refineries to be built by the Metal Engineering Corporation in the Southern Regional State.
It is to be remembered that the Sugar Corporation launched the development of 10 plantations and refineries last year as part of its objectives to make the nation one of the 10 largest sugar exporters in the world. The plan calls for increasing the production capacity of the nation to 2.3 metric tons which is significantly higher than the 265 thousand tons produced by the country last year.
The total cost of this project is estimated to be approximately 100 billion birr with half of the financing required in foreign currency said Asfaw Dingamu, Deputy Director of the Corporation.The corporation intends to cover about half of the cost through its own income and to make up the difference from government budget allocated to the project and external loan providers he said.
Sugar production is expected to offer employment opportunities for many people noted Asfaw.
Source: Ethiopian Herald
