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Ethiopian Sugar seeking USD 95m for sugar mill renewal project by Sinomach arm

From: III Corp

Ethiopian Sugar Corporation is seeking USD 95m project finance for the BELES-I sugar mill renewal project, for which China CAMC Engineering Co Ltd (CAMCE) is the EPC contractor, said Zhang Yan Chuan, the company secretary. The two firms signed the contract on 18 December 2018, which will become official once the financing has been arranged by the former. CAMCE is a subsidiary of China National Machinery Industry Corporation(Sinomach).

Zhang said that with this being a small project, Ethiopian Sugar will be responsible for the financing by itself, to be done via commercial banks.

Ethiopian Sugar had previously received a USD 400m line of credit from the Indian export credit agency (ECA) Export-Import Bank of India (India Exim) for an EPC contract from the Mumbai, India-based Overseas Infrastructure Alliance (OIA) for automation equipment.

Earlier this year, it secured USD 550m from Industrial and Commercial Bank of China (ICBC) with export credit insurance from China Export and Credit Insurance Corporation (Sinosure) for a USD 647m EPC contract from Jianglian Heavy Industry Group Co Ltd (JLianco) with procurement of electric facilities from Schneider Electric SE.

In other related news, Eugen Schmitt GmbH will invest USD 51m in a 60,000 liters per day (l/d) ethanol plant at the Wonjo Shoa sugar mill along with Ethiopian Sugar.

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