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US Based Ethiopian Entrepreneurs Get $800 Mln To Build Cement Factory

US Based Ethiopian Entrepreneurs Get $800 Mln To Build Cement Factory

Ethiopian entrepreneurs based in United States are planning to build a cement factory in the horn of Africa country starting next year after securing a $800 million financing from a London based investment bank.

North Holdings Investment Inc., a company owned by 12 Ethiopians living in Delaware, US, said it will build two cement production lines that will be able to produce 8.4 million tons per year.

The factory will be located in east Gojam, Dejen wereda, Menda locality.

North Holdings Investment president, Temesgen Bitew, was quoted by Ethosports telling The Reporter that the company had completed the feasibility study and it would hire a Danish contractor called FLS to build the factory, supply and install the machineries.

Bitew declined to disclose the name of the investment bank that has lend the money to his company. He however said the total cost of the investment will reach $1.1 billion upon completion.

The project includes the establishment of a cement bag factory, a transport company and a coal manufacturing plant.

“We want to transport the cement with a reasonable price. So we will establish a transport company,” Bitew told The Reporter, adding that the firm will build a coal manufacturing plant in Gonder, Chilga locality where a coal deposit is found to help reduce on the cost of production.

North Holdings Investment has already secured a 250 hectares plot of land. The company will employ up to 15,000 locals once complete, Bitew said. The company has received required licenses from the ministry of mining to cover area of 24, 513 square km over 20 years.