US firm to construct $570 mln cement factory in Ethiopia
May 14, 2007 (ADDIS ABABA) — An American investment firm, North Holding Investment Inc-Ethiopia, is planning to construct a cement factory at a cost of close to 570 million dollars in north Ethiopia ‘s Amhara State.
The company, which received its license nine moths ago from the Amhara State Investment Commission, is to construct the factory with annual production capacity of 7.8 million tons of cement, the weekly newspaper Fortune reported on Monday.
The paper reported the venture as the largest portion among the 451 investments licensed in the state with a combined capital of 1. 07 billion dollars by the reported period. The factory will also be the largest in the country both in investment capital and production capacity when it becomes fully operational in 2009.
Some 18 registered cement factories are operating in the sector to fill cement demands which accounts for 4.7 million tons annually.
Another largest investment in the same area, the Dejjen Cement Factory, is expecting to begin cement production next year with annual production capacity of 134,377 tons.
At present, Mugher Cement Enterprises, Mesebo Cement Factory and National Cement Share Company, formerly known as Dire Dawa Cement Factory, produce a total of 1.7 million tons of cement annually in Ethiopia.
(Xinhua)