2merkato

The government of Ethiopia has reached an agreement with the Export-Import Bank of India (Exim) for a 91 million dollar loan to fund exports and consultancy services for the development of the country's sugar industry.

The loan went in to effect as of 21 May 2011 and the agreement was executed as of February 18, a statement from the Reserve Bank revealed.

The agreement concluded on 18 February 2011 is for funding eligible goods and services, including consultancy services, machinery and equipment from India for the purpose of financing the development of the sugar industry in Ethiopia.

About 75 percent of the goods and services, including consultancy services, from the credit provided under the agreement, have to be sourced from India according to the press release.

Source: Economic Times

The newly expanded Bole International Airport is officially inaugurated, along with the five-star Sky Light hotel owned by Ethiopian Airlines.

The expanded Messebo Cement Factory was inaugurated on Saturday, 25 June 2011. About 2.3 billion birr was spent on the expansion project.

ith the expansion project alone, the factory can produce 3,000 tonnes of cement a day and 1.3 million tonnes a year. Therefore the factory’s production capacity grows to 2.2 billion tonnes a year, according to Hatsey Berhe, general manager of Messebo Cement Factory.

The Ethiopian Airports Enterprise announced plans to expand the apron capacity of Bole International Airport. The project is expected to cost an estimated 1.1 million birr.

The first phase of this project will be finalized this December according to Wondim Teklu, Public Relations Head of the Ethiopian Airports Enterprise.

Assela Malt Factory, Ethiopia will inaugurate the 300 million birr expansion project which took 3 years expected to increase the factory’s production potential to 360,000 quintals.  The factory has undergone three expansions since it was first established 28 years with an initial production potential of just 100,000 quintals.

The first expansion effort increased the total production capacity to 150,000 quintals while the first phase of the current expansion increased the capacity to 220,000 quintals.

The second phase, just completed, included the construction of 12 silos, with the potential to hold 10,000-11,000 quintals, making up a total of 28 silos. The addition of elevators and conveyors has increased the carrying capacity every hour to 300-600 quintals.