Sugar Corporation disclosed it will start exporting sugar to Kenya by the coming fiscal year. This is in accordance to the long standing planEthiopia had to export sugar and generate foreign currency.
According to Endawek Abitie, chief executive officer (CEO) of the Corporation, Sugar Corporation has concluded an agreement with the government of Kenya to export 10,000 tons of sugar.
The plan was disclosed during the Corporation’s quarterly report to the House of Peoples’ Representatives’ (HPR) public enterprises standing committee. The MPs challenged Endawek on the Corporation’s failure to finalize the sugar factories being constructed across the country.
Omo Kuraz II, Kesem, Tendaho, and Orjo Dedesa sugar projects that have been completed and started operation this year are said to enable the realization of the export plan.
During the report to the standing committee, it was disclosed that the Corporation has secured loan from Sheba Bond for Kuraz II, Kuraz III, and Five projects. In addition to this, it has secured 13.4 billion Br loan from the Commercial Bank of Ethiopia (CBE).