Development Bank of Ethiopia withdraws Habesha Cement loan

Development Bank of Ethiopia withdraws Habesha Cement loan
Published: 31 January 2013


The Development Bank of Ethiopia (DBE) has withdrawn an ETB1.52bn (US$82.9m) loan agreement made with Habesha Cement for construction of a new plant.

Last July, South Africa-based cement producer PPC made a US$12m cash investment in July to obtain a 27 per cent stake in Habesha Cement while the Industrial Development Corporation (IDC) simultaneously invested US$9m for a 20 per cent equity stake in Habesha.

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