The construction of Derba Midroc Cement factory being carried out with US$310m in North Shoa Zone of the Oromia State is reportedly well underway.
Derba Midroc Cement and Major Investment Projects Executive Director, Haile Assegide, told WIC that Derba Midroc cement factory is the biggest of the three factories launched two years ago with a view to meeting the cement demand of the country.
He said of the remaining two small factories, the factory located at Dejene, has already gone operational and the factory at Derba will begin production soon.
Upon going operational after a year and eight months, Derba Midro cement factory would produce 25m quintals of cement annually thus raising the cement supply of the country by 150 per cent, he added.
Haile Assegide The factory would fully cover the 20m quintals of cement shortage in the country, he said, adding that the company would build additional factories so as to expedite the economic growth of the country.
Of the US$310m allocated for the construction of the factory, some US$200m was secured from International Finance Corporation (IFC) , Africa Development Bank (AfDB), the European Investment Bank (EIB) as well as the Development Bank of Ethiopia (DBE) on loan and the remaining was covered by the factory owner Sheik Mohammed Hussien Ali Al –Amoudi.
Upon going fully operational the factory would create jobs for up to 17,500 people, according to the director general.
He further said close to 800 new vehicles that help transport produces of the factory would be imported, thereby creating additional jobs.
The factory would have a significant contribution for the economic growth of the country and it would generate over EDB400m revenue annually for the government, he concluded.