A New Edible Oil Hits Shelves

Jun 29 , 2019


Belayneh Kinde Import & Export Plc has invested 2.5 billion Br for the construction of an edible oil plant in West Gojam Zone Bure town, Amhara Regional State. Resting on 30ha, the plant will have a capacity of producing 1,400tn of edible oil a day and is expected to cover 60pc of the country’s oil demand. The company plans to source raw materials, such as soybeans and sunflower, from the local market. Upon becoming operational, it is also expected to create 2,000 jobs. Ethiopia has been importing subsidised palm oil to cover shortages of oil in the country. The country has an annual potential of producing more than 785,000tn of oilseeds. Though there are over 1,000 companies registered by the Ministry of Trade & Industry to process oil, Ethiopia imported 416,000tn of subsidised palm oil in 2017. In 2011, the government banned private companies from importing edible oil. As the shortage in the market grew, however, the Ministry of Trade & Industry allowed select public and private companies, such as Hamaressa Edible Oil S.C, Alle Bejimla and Belayneh Kinde Import & Export, to import edible oil.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email