Hawassa Industrial Park Earns $114m

Jul 3 , 2021


The country's largest industrial park has managed to bring in over 114 million dollars in revenue so far this year. Manufacturers at Hawassa Industrial Park, which began operating in January 2017, are mainly engaged in exporting textile and garment products. The Park holds twenty-three textile companies from the US, China, India, and Sri Lanka as well as six local manufacturers. Global brands like Calvin Klein, Levi's and H&M are among those that source products from the 37 factory sheds at the Park. The Park runs a one-stop-shop service centre to avail easy access to government services to investors and employs a Zero Liquid Discharge (ZLD) system that enables it to recycle 90pc of water disposed of through its sewage system.


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