Feasibility Study Targets Sugar Estate Rebound

Jun 30 , 2024


The Tana Beles Sugar Factory in Amhara Regional State edges closer to restarting operations following the completion of a second feasibility study by the Industrial Projects Services(IPS). It is one of the largest sugar projects nationwide that faced nationwide closure due to mounting security issues and operational setbacks. IPS is conducting feasibility studies on three other sugar factories to identify funding shortages, climate issues, and contractor disputes that could have led to their closure. Shewaferaw Solomon, IPS's general manager, submitted the feasibility report to Abebe Yhine, the factory's executive director, at its headquarters on Haile Gebreselassie St. Despite sugar production's history tracing back nearly 100 years, adequate supply has been largely out of reach. Recent efforts to address these difficulties have included privatising eight sugar factories. The Ethiopian Sugar Industry Group, formed in April 2022 with a capital of 115 billion Br and comprising five sugar estates and eight factories under construction, has offered five of its estates to international buyers. Ethiopian Investment Holding (EIH) is engaged in renegotiations with interested bidders that were deterred due to issues related to security concerns and access to foreign currency.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...