Sovereign Fund Renews Sugar Privatisation Drive


Sovereign Fund Renews Sugar Privatisation Drive

Ethiopian Investment Holdings (EIH) has called for an expression of interest from foreign and domestic investors for the privatisation of eight state-owned sugar factories. The sugar estates up for grabs include four in Omo Kuraz, Tana Beles, and Tendaho as the federal government revives its privatisation efforts. Over a decade ago, the federal government embarked on the construction of 10 sugar plants in hopes of creating sugar industries for the export market and satisfying domestic demand. Five sugar plants lag behind schedule, including three in Omo-Kuraz, Welqayit in the Tigray Regional State, and Arjo Dedessa in the Oromia Regional State. The authorities had initially announced plans to privatise eight of the 13 sugar plants in operation or under construction in 2018. Last July, Ernst & Young was hired as a transaction advisor after offering 3.3 million dollars. However, not a single estate has been sold to private investors yet. The Sugar Industry Group oversees the factories. It is one of over two dozen state-owned enterprises to come under the wing of EIH earlier this year.


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