More than 17 feasibility strategic studies have been readied in order to engage local investors in the manufacturing sector, Ethiopia’s Ministry of Industry disclosed Wednesday.According to the Ministry, the studies have gained acceptance by the Development Bank of Ethiopia which would provide loan for the projects.
Industry State Minister Dr. Mebrahtu Meles said the export level of the industry sector is not satisfactory, though it has registered significant growth during the past four years. The minister added that the sector’s value adding capacity is also very slow.
Investors in the manufacturing sector were previously expected to contribute 30 percent of the total capital required for their projects.
Currently, agreement has been reached to provide 80 percent of the required capital in loan while the balance would be raised by the investors themselves.
At present, investors which would be engaged in the projects are being identified. Among the sub-sectors on which the study was conducted include maize, coffee and sesame, it was indicated.
The investors would be accommodated in industrial zones in order to solve the problem of land, according to Dr Mebrahtu.
Out of the total investors engaged in industry, less than 13 percent are engaged in manufacturing and most of those produce food and drinks that are not exportable.
Source: http://en.starafrica.com/
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