2merkato

The first phase of the Yayo Fertilizer complex, Ethiopia is complete four months ahead of schedule.

The project was awarded by the Ethiopian Metal and Engineering Corporation, which owns the factory, to Tekleberhan Ambaye Construction in March for 792 million birr.

The contractor has completed the ground work ahead of schedule by mobilizing large numbers of manpower and equipment according to Ato Tekleberhan Ambaye, Owner and Manager of the construction company.  

The company had initially planned to finalize the groundwork which mainly consists of clearing within the project by was able to exceed expectations because of its manpower management system he added.

The Endowment Fund for Rehabilitation of Tigray is building the first PVC resin plant in Ethiopia with a capital investment of seven billion birr. The plant will manufacture other industrial chemicals as well as PVC resin.

The plant will be constructed in Tigray Regional State near on a 48 hectare plot of land which has large deposits of limestone. It is expected that the plant will have the potential production capacity of 60,000 tons employing a method of production that is known as the limestone to calcium carbide to acetylene route.

EFFORT floated the first tender for the plant a year ago drawing interest from international bidders but cancelled the bid before floating another bid last week for the consultancy service to execute the project.

Fitch Ratings has affirmed Ethiopia's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B'. The Outlooks are Stable. The issue rating on Ethiopia's senior unsecured foreign currency bond has also been affirmed at 'B'. The Country Ceiling has been affirmed at 'B' and the Short-term foreign currency IDR at 'B'.

(The following statement was released by the rating agency) PARIS/LONDON, October 09 (Fitch) Fitch Ratings has affirmed Ethiopia's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B'. The Outlooks are Stable.

Five Dutch companies are set to engage in horticulture development on 500 hectares of land in Ethiopia's Amhara region at an area called Kunzila. The investment and related supports that come with it, it was learned, will be of benefit for 10,000 residents of the area.