Habesha secures letter of credit for new plant project, Ethiopia

Habesha Cement SC has secured a letter of credit (LC) for its Chinese contractor from the Eastern & Southern Africa Trade & Development Bank (commonly known as the PTA), Fortune reported.

The PTA agreed to co-finance the project earlier this year by lending US$50.4m. The LC, which was required before the factory equipment could be imported, had hindered the Chinese contractor from beginning work on the plant, Mesfin Abi, CEO of Habesha, said at a press conference held on 26 December  at the Company's headquarters. Work can begin as soon this month, he added.