Derba Midroc Cement Plc and the international and domestic lenders singed loan agreements worth US$351m in Addis Ababa on Monday [23 June].
According to the agreements, the African Development Bank (AfDB), International Financial Cooperation (IFC), European Investment Bank (EIB), and Development Bank of Ethiopia (DBE) will provide US$200m in loan to Derba Midroc.
The remaining US$151m will be obtained from the owner and sponsor of the project, Shaykh Mohammad Husayn Al-Amoudi.
The agreements were signed among the respective officials of the lender institutions and Shaykh Mohammad Husayn Al-Amoudi.
Signing the agreements, Shaykh Mohammad Husayn Al-Amoudi said that the main objective of the project is to reduce the country’s dependency on imported cement and to supply cement in abundant quantity.
Director of Derba Midroc Cement Plc, Haile Asegide, on his part said the participation of the international financial institutions will augment the capacity of the private sector to play a better role in the development of the nation.