(HornTrade) – Karuturi Agro Products, a subsidiary of Indian giant Karaturi International, is set to establish a sugarcane factory in Ethiopia.

The factory, with an estimated capacity of crushing 7,000 tonnes of cane a day, is to be built in Ethiopia’s Gambella Regional state.

Some 15,000 hectares of Karuturi land in Gambella will start producing sugarcane in three years, said Assefa Arega, manager of Karuturi’s sugarcane plantation. The company expects the crushing plant to be ready in time for the harvest. Read the rest of this entry »

(HornTrade) – Allana Potash is expecting to acquire equity capital from new strategic investors for its project in Ethiopia, in the New Year.

The company expects that the positive preliminary economic assessment completed last month will result in developments in the coming year.

The PEA stated that a one million ton per annum mine at the Dankil project will cost 796 million US dollars to build. The capital cost figure makes the projects the lowest cost and possibly the highest return potash project in the world according to Farhad Abasov CEO of Allana. Read the rest of this entry »

(HornTrade) – The Ethiopian Railway Corporation and the China Engineering Construction (CCECC) signed an agreement for the construction of an electric railway line between Me’eso-Dire Dawa-Dewale, a region which lies in the eastern part of Ethiopia, on the 16th of December.

(HornTrade) – Ethiopia signed an agreement with a Chinese state-run firm to build the final section of a railway line that will link its capital Addis Ababa to the tiny Red Sea state of Djibouti, an official said.

The deal signed late on Friday with the China Civil Engineering Construction Corporation (CCECC) covers a 339-kilometre line that will join another project to connect the capital with Djibouti.

“This agreement is a contract to construct between Mieso, which is half way from Addis Ababa, to the Djibouti border,” Getachew Betru, general manager of the Ethiopian Railways Corporation, told Reuters. Read the rest of this entry »

(HornTrade) – Djibouti on Tuesday agreed a $36 million loan to build a new port and expand the business upon which the tiny country’s economy relies, a government minister told Reuters.

Djibouti serves as a port for its landlocked neighbour Ethiopia, which accounts for about 70 percent of traffic.

“The port project of Tadjourah aims to decongest the current Djibouti-Ethiopia corridor including the port of Doraleh, whose traffic continues to grow since it opened on February 7, 2009,” Amarah Ali, budget minister, told Reuters. Read the rest of this entry »

(HornTrade) – India has allowed shipment of 10,000 tonnes of non-basmati rice to Horn of Africa at prices lower than market rates, according to an official notification issued on Monday.

“Export of 10,000 tons of non-basmati rice to Horn of Africa (Kenya, Somalia & Djibouti) from Central Pool Stock of FCI (Food Corp. of India) at economic cost of 20,689.50 rupees per tonne shall be permitted,” directorate general of foreign trade said in a notification on its website. Read the rest of this entry »

(HornTrade) – The administration of Ismael Omar Guelleh in Djibouti has plans to build what will be the largest ship maintenance yard for East Africa and on the Red Sea corridor at a projected cost of 400 million dollars. Yet, experts in charge of developing the project have to choose the site for the project between the north coast of Djibouti (around Tajourah) and the country’s south coast, around Damerjog. Read the rest of this entry »

(Horntrade) – The Head of State, Mr. Ismail Omar Guelleh, today presided over the inaugural ceremony of the subsidiary of the Exim Bank in Djibouti, in the presence of the First Lady, Kadra Mahamoud, the Prime Minister Dileita Mohamed Dileita, and members of the government.

In addition to the Chairman of the Board of Directors of the Exim Bank Djibouti, the economic and financial players in the country, as well as ambassadors and representatives of the diplomatic corps and international organizations also took part in this event. Read the rest of this entry »

(HornTrade) – Inflation in Djibouti accelerated to 6.5 percent in October as health costs and the prices of some foods increased, the Department of Statistics and Demographic Studies said.

The inflation rate climbed from 4 percent in September, the Djibouti City-based agency said in an e-mailed statement today. Prices rose 0.5 percent in the month, it said. Health costs advanced 2.7 percent, as prices of vegetables jumped 7.3 percent from September, it said. Read the rest of this entry »

(HornTrade) – The oil company Total was sentenced to 200 million euros in damages and four million euro fine by a court of Djibouti in a matter of oil pollution of the harbor. Another company was also convicted, it is Oil Libya.

Oil leaks are discovered in 1997 during expansion of the port of Djibouti. These leaks come from an old network of pipelines that date from the 1940s.
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