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Ethiopia : DEVELOPMENT BANK OF ETHIOPIA pulls out from US$82.8m loan deal with HABESHA CEMENT.

The Development Bank of Ethiopia has departed from a loan deal worth US$82.8m made with Habesha Cement.

The bank approved the loan in September 2011 that was likely to include more than 70% of the financing of the proposed cement factory.

The bank left from the arrangement due to its failure to disburse money at this time. Also, it pulled out of the loan commitments to five other firms mentioning similar explanations. Sources said that the bank has vowed to assist the firms in their search for foreign financing.

Pretoria Portland Cement (PPC) and South Africa's Industrial Development Corporation (SAIDC) paid US$21m for around half of Habesha Cement in July last year. PPC bought 27% of the Ethiopian cement factory by paying US$12m in cash and the state owned SAIDC paid US$9m for an extra 20%.

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Publication:Mena Report
Date:Feb 7, 2013
Words:154
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