Ethiopia: Gov't Secures U.S.700 Million Loan for Kuraz V

After a long period of delay, the fifth factory in the Omo-Kuraz Sugar Project has managed to secure project financing from a Chinese Bank, Industry and Commercial Bank of China (ICBC), in the order of USD 700 million for sugar plant development and other related infrastructures.

ICBC has approved the loan which is intended to finance Kuraz V on Thursday. The loan agreement was signed during the official visit of the Chinese delegation to Addis Ababa headed by Chairman of the Board of Directors of the bank Jiang Jianqing on Thursday.

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