Chinese Company to Erect Habesha Cement Factory

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Habesha Cement Share Company of Ethiopia signed an agreement with a Chinese company, Northern Heavy Industries, for the design, supply and installation of the cement factory.

The signing ceremony took place this morning, October 26, 2010, at the Hilton Addis. Northern Heavy Industries, which won the international tender, will be paid 79 million US dollars for completing the factory and the total project coast is estimated to reach 110 million US dollars.

Habesha Cement is established by raising over 260 million birr (16 million US dollars at current exchange rate) fund from the public.Habesha Cement plans to obtain a loan for 70 percent of the whole project from the Development Bank of Ethiopia.

Source: http://www.newbusinessethiopia.com/index.php?option=com_content&view=article&id=298:chinese-company-to-erect-habesha-cement-factory&catid=31:investement&Itemid=7

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