Habesha Cement’s CEO says construction of new plant will start this year

The CEO of Ethiopia’s Habesha Cement Share Company, Mesfin Abi, has told local press that construction work on the company’s new cement plant will begin later this year, with the aim of starting up operations in September 2015. The 1.4 million capacity cement plant has been hit by financing delays. However, the PTA (Eastern and Southern Africa Trade and Development Bank) has agreed to a US$50 million loan, which will fund 40% of the costs. In addition, private sector shareholders have invested around Br.150 million in the project and, according to Mesfin Abi, the company is still in discussions with the Development Bank of Ethiopia regarding 30% financing.

Edited from various sources by Louise Fordham

Read the article online at: https://www.worldcement.com/africa-middle-east/28102013/habesha_cement_new_plant_construction_scheduled_345/