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🇷🇺🇪🇹 The Russian company “Rusal”, one of the world’s largest aluminum producers, signed a memorandum of understanding with Ethiopian Investment Holdings (EIH) on the construction of a large aluminum plant in this African country.
The signing took place within the framework of the meeting of the Russian-Ethiopian Intergovernmental Commission on Economic, Scientific and Technical Cooperation and Trade.
It is expected that at the first stage, the cost of which is estimated at about $1 billion, 70% of the financing will be provided by interested creditors.
“The forecasted production capacity of the enterprise will be 500 thousand tons of products per year, which will allow Ethiopia to become a competitive supplier of aluminum both in the regional and global markets,” EIH noted.
The project is aimed at meeting growing domestic demand, supporting industry and significantly reducing the outflow of foreign currency, which is currently spent on aluminum imports.
With the estimated project implementation period of 3-4 years, it is expected that the plant will operate for up to 50 years.