Ethiopia: Algerian Firm Cevital Signs MOU to Construct Three Factories in Ethiopia
Posted on :Wednesday , 1st March 2017
Cevital, an Algerian company, has signed a memorandum of understanding with the Ministry of Public Enterprises to construct three factories.
Cevital is a private company that is active in different sectors including railways, and manufacturing. The company earns four billion dollars a year. The MoU was signed on February 24, 2017, at the office of the Ministry of Public Enterprises, in the presence of Girma Amente (PhD), minister of Public Enterprises, and Issad Rebrab, CEO of Cevital.
"It was challenging to attract this kind of international investor to Ethiopia, because of the bureaucratic issues businesses face," said Solomon Abebe, ambassador of Ethiopia to Algeria. "The various Ministries have pledged their support for the project. The Company will also have a dedicated desk at the Investment Commission."
The factories will produce oil, sugar and animal feed. The oil factory will have an annual production capacity of 3.5 million tonnes of oil, and the sugar factory is expected to have a capacity of producing one million tonnes of sugar a year. The products of the factories are expected to be import-replacements.
"The Ministry collaborated with other government offices, and pooled resources to help facilitate the investment," said Girma.
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