EDITOR’S NOTE: Why doesn’t the drunkard sheik invest his own money, instead of borrowing from the World Bank in the name of Ethiopia? The answer is simple. He is in Ethiopia to plunder the country with his Woyanne buddies and leave when their time is up, not to invest in long-term economic development.
ADDIS ABABA (Reuters) – Billionaire businessman Al Amoudi signed a $200 million loan agreement with the International Finance Corporation (IFC) on Wednesday to build a new cement plant to ease cement shortages in Ethiopia, officials said. IFC is the private sector arm of the World Bank.
The new factory, worth $351 million will also be financed by Midroc, a privately owned company with interests across the Horn of Africa country which will provide the remaining $151 million needed to build the new plant.
“This plant with a capacity to produce up to 2.5 million tonnes a year, will address the acute shortages of cement in Ethiopia,” Midroc Chairman Sheik Mohammed Hussein Al-Amoudi said during the signing ceremony.
The plant will be built in Derba, some 70 kms (43 miles) north of Addis Ababa.
“As a result of the unprecedented boom in the construction business in Ethiopia, a mix of Ethiopian and foreign investors are building 24 cement factories in different parts of the country”, Hailu Abebe a public relations officer at the trade ministry told Reuters.
By 2009, production from some of the 24 cement factories is expected to surpass Ethiopia’s annual demand of between five to six million tonnes, Hailu added.
28 thoughts on “Al Amoudi gets $200 million loan for cement factory”
Elias …what is wrong with it? I couldn’t get a point that makes to feel down from this news? I was rather feeling good to learn the news as it is good for mother Ethiopia. We really need cement to build hospitals, roads, houses,schools, recreational facilities, etc. Good Job Al Amoudi…Keep it up!
“…the answer is simple. He is in Ethiopia to plunder the country with his Woyanne buddies and leave when their time is up…”
just a plain question, when he leaves is he leaving for the moon? I think the world bank knows where this man is having his properties and they for sure will chase him where ever he goes to.
I don’t see anything wrong with taking a loan from IFC. I would have done the same if I were to invest in a politically unstable area. I think he is doing this for safety reasons. I hear he actually took loans from domestic banks to even build his empire in Ethiopia.
I don’t get it Mr. editor…isn’t this longterm investment? After all, the debtor is the Sheik, not Ethiopia..And nobody would have obtained it if he didn’t..
How is Moudi going to run the factory without electricity? Many of the existing factories in Ethiopia are currently facing power outages 3-4 times a week. I suspect this is another money laundering scheme by Al Amoudi, Woyanne, and the World Bank thieves.
Elias don’t worry let him keep building, one day hopefully soon when Ginbot 7 along with many opposition groups including UDJ, liberates Ethiopia from weyane invasion all these major companies of Al Amoudi along with the nation wide business companies of TPLF in the name of EFFORT would be taken by the new government since they all have been established with highly corruption that led the entire country to the end less famine, unemployment, poverty, skyrocket inflation and so many complex problems.
Al Amoudi ( Alehu be weyane Buti) doesn’t care about nothing including lack of democracy, famine, land given to sudan, war in Somalia, the pending issue of the boarder b/n eriteria and the weyane regime as long as the weyane keep giving him the chance to extend his business across the country. Al Amoudi is a piece of shit who decideded to establish a business in the shoulders of the weyane mafia groups since he strongly likes to live in Ethiopia due to fact that he enjoys the life with the Ethiopian beautiful girls that he changes every 24 hours, and enjoys the best hunging spots in addis and different parts of Ethiopia along with our best weather conditions through out the year. To me Al Amoudi is simply one part of the major members of tplf, period.
Wud Elias, how many times I have to tell you that Hassen Alamudi have no money and is not the millioner that everyone talks about. He is playing front for Arabes. A good example is Sharaton Hotel thing about Gaylord it is the same hotel connection. Leba achberbare mehaime new.
ESFNA’s President Dawit Agonafer and Eyaya, Zekarias Getachew that works for Alamudi and Abenet in Addis Ababa now all are the indirect tools of TPLF and Alamudi.
Negati ya Elias ko.
Elias you are absolutelly right. Al-Moudi is the same as meles. He is there to still the wealth of Ethiopia with his woyane friends. Why his wealth or investment do not help the starved Ethiopians. He is givingaway his money for woyane Cadres and some rich artists who are licking his dirty ass.From the begining he did’t come with any money, we know that very well. Don’t listen to woyane cadres and some gulibles. Time will come for every thing. It is not possible to full every body.
Stop this nonsense chatter let people invest, would it be better like Hialeselase to take mony out and depot at Swiss Bank or would it be better like mengistu to take 30 million to zimbawe. However; I have some logical differences with the implementation some regulations and only one party all stuff I admire their vision of INFRASTRUCTURE for grass root development. Instead fellows ask for mechanized farming for wheat, barley, corn and teff.
Lack of vision for sustainable development.
If investment is attacked how the country can develop?
Does it make any difference whether he is Johny or Elias?
Jealousy, suspicion and hatred will not take us anywhere except to our endless misery. May be this might the root cause of our current state of affair.
is mudi really helping ethiopia or building business empire of the oil-arab countries?
Ato Hagos ersewo beka hulunum neger kaltekawomi yamotal aydel?
“Al Amoudi is a piece of shit who decideded to establish a business in the shoulders of the weyane mafia groups since he strongly likes to live in Ethiopia due to fact that he enjoys the life with the Ethiopian beautiful girls that he changes every 24 hours,…….”
beaynot wust yalewun gudif mejemeria yawtu, erso manot ena new?
Why are you always a pessimist? What is the problem with borrowing money and investing in Ethiopia, he could have done it else where. Weren’t you shouting that there is shortage in cement for building and is monopolized by mosobo. Abo eyasebu yenageru!!! The man has invested millions and has opened a lot of jobs for Ethiopians this is a fact you can’t deny, he contributes millions of birr to build the only hospital for the heart disease, many others. Some times lets learn to appreciate the good deeds that Ethiopians are doing no matter their political background or who they support. Let me ask you one question, what have you done so far to Ethiopian people with what everf resources you have at your hand well apart from your insult?
Please Dear Mr. Elias try to do at least 0.0000000000000000000000000001% of what Alamudi is duing to his mother land then you can talk.
we can see many positive side of loan, one of which is the IFC and the like will develop trust with companies in ethiopian. This also opens door for local companies to access their loan.
I don’t get it mr. ‘Idiotor’. Wht is wrong to invest in a highly needed sector getting foriegn finance. This is simply negativism.
People misunderstood the editor’s point.It is not about investment.
TPLF is near death and this pig(Al Amoudi)knows it and he doesnt want to invest his own money. The point is he will not be around to finish it. He is a disgrace and is not welcome in Ethiopia. He was a tool in oppressing people rage and disappointment with shows and glitters instead of exposing TPLF to the world. He has power and money. He could have done a lot if he cares for the people. But he was busy recreating his nostalgia of old days surrounding himself with singers, hookers and poleticians.As business man , he ain’t fool. He signed a deal with the TPLF(Ethiopia) as collateral.The government has to give an agreement that secures investors money. So who is going to pay it back the whole sum when TPLF is gone, when he only put 10 or 20 % of the money on the project. That cycle of debt continues. People like this pig are making Western countries support TPLF blindly to protect their investment. He is as bad as TPLF to Ethiopian people. I bet all his projects are done with IMF money and TPLF as collateral. We get nothing from his investment even we take it, IMF owns it. He is the money laundering machine for TPLF. He is a pig who doest care. I belive, no one can get this rich if she or he is not morally deficient
Elias it has came back to my attention that many Ethiopians didn’t seem realize the damages that are going on by the so called Al Amoudi in the name of investment. In stead I’ve received many complaints that come from rough ignorance. I can’t believe that we still have people that are not members and sympathizers of weyane but simply didn’t understand the role of the so called millionaire Al Amoudi. A lot of people didn’t know how Al Amoudi is establishing and running his business. I would simply say if you are supporting the investments of Al Amoudi , you are simply either weyane, or a symphonizes of weyane or just an ignorant person who doesn’t know even the term investment means.
To those of you who don’t know how Al Amoudi is taking your own asset and equity from your own pocket but building and extending his business in the name of investment. You guys are so damn to understand that Al Almoudi has been borrowed so much million dollars from Bank of Ethiopia which is a property of the Ethiopian people but apparently has been controlled by the weyane. Do you all know that Al Amoudi didn’t t spend a penny from his pocket while he has been getting most of his money from the Bank of Ethiopia to do majority of his businesses. So any lay man can do this. But most of us are baized that he is very known of wealthy person when he came to Ethiopia that have been cover us from finding the truth how he continuously investing in our country. Some of us thought that he is establishing and opening his business using his own money while the fact is that he has borrowed so much million dollars from the Ethiopian bank and outside borrowers as well. Let’s wake up people for how long that the weyane mafia group is fooling us using different tricky mechanisms. Why do you guys think that Al Amoudi stood up and spoken in public that he will die for weyane( a criminal party that is clearly known by various organization including human rights, state department, European union, united nations and many other civic organization in the world). Because Al Amoudi is simply a big beneficiary of this weyane regime due to many factors, so he doesn’t want to loose all these advantages if weyane gets removed. So I urge most of you to Google and surf about the role of Al Amoudi in Ethiopia. Just because you see many businesses is controlled or owned by he doesn’t mean that he has a better future for Ethiopia. In addition just because the weyane propagandist machinery Medias talk good things about Al Amoudi doesn’t mean that he is good for Ethiopia. Ask or find out what Al Amoudi said when the 193 innocent Ethiopians shot and dead in the streets of Addis by the agazi. Ask and Google what has had Al Amoudi has done or said when the land is recently given to Sudan, and many Ethiopians gets killed, harassed, and abused everyday in the amahra, tigray, oromia, benishangul, gambella, anwak, harreri , sidama and many parts of Ethiopia. Stop pointing our your fingers on Elias and Me and start to find out about the truth…….otherwise I call you all….a bunch of morons who doesn’t know a simple and clear investment based on corruption and investment based on personal assets that is surrounded by a clear justice….I know you guys may blame me for opposing the weyane owned major companies ( EFFORT) that are established by the long term 17 years corruption of the weyane economic policy……
Al Amoudi is a shrewd investor… so why put his money in a country where the politics of tomorrow can change in an instant? He is doing exactly what a prudent investor would do! Get IFC guarantee the loan! This is actually revealing something important… the Melese regime and Al Amoudi are no longer holding hands!
sheik moudi is part of the business empire of TPLF. He invested on them when they come and they invested on him on the Golds and other sectors.
You can’t tell which one is Al-amoud’s money or which one is TPLF’s money in this vast business empire. We Ethiopians are too traditional on the way we see this scams. We don’t even have investigative body that can drill through the mistery of all this wealth and how they ran their money.
Sick editorial
Any monopoly capitalist is welcome to Ethiopia to invest and open job opportunity for that poor people guys just fight for human right and democracy.
Anene Bulcha Bekele, I wonder which world you are living in. Please know what you talk about before opening your mouth. Al Amoudi has wealth more than your you can imagine having. If anything, it makes me wonder what he is doing in Ethiopia. He doesnt profit much from his companies in Ethiopia but the jobs he has created supports many familys. His main income is from his oil refinaries and Banks around the world.
TULU,
The cement factory is not being built in Saudi. Just for your information.
Look at a bunch diaspora losers again tring to distroy somebody who is doing a lot to Ethiopia.Admit it some of you don’t like Alamudi because he is a muslim and some of you hate him because you wish you were in his place,and some you don’t like any thing good for Ethiopia.No matter any government change in Ethiopia,that country needs an invester like Mr.Alamudi.Call it G7 or any other party they are not coming with billions, still they have to work with an invester like him.Woyanne knows that well.And woyanne knows also Mr.Alamudi will be there after they are gone.MONEY TALKS BABY.
Thank you Elias.
Keep up the good Job
Abet kinat Elias….lante dunbulo yemiyabedreh yelem
Al Amoudi is working for Meles.
Garbge out (Mengistu) and garbage in (Meles, Al Amoudi).
All are not good for Ethiopia.
We need FAIR TRADE in Ethiopia, where the farmer could sale their products to the customers at reasonable price. The price of teff is 150% up compared to 1990. Woyane created this problem.
Law maker Meles allowed to make sement shortage in Ethiopia and now Al Amoudi gets $200 million loan for cement fctory. You kidding me. Both are the same banana. This is cheating and not creating any good for unemployed Ethiopians.
God Bless Ethiopia.
Al Amoudi is a good friend of the current regem.As a liberal and pragmatic person I strongly believe that he is not commiting a crime by being a friend or invest in Ethiopia while EPRDF is on power.This will evnentually benefit the Ethiopians now and in the future.If we try to politicize everything, then how the people of Ethiopia can survive untill you guys remove woyane and drop bread and democracy from the air?
Construction activity is dramatically growing,we need to keep this part of the growth while struggling against Woyane.Why the struggle against woyane must destroy something that benefits the nation?Should we cut the throat of the poor people to bring woyane down?This is sickening so called OLD FASION POLITICS.
Modern politics should be creative enough to keep what was achieved while fighting the evil.
I don’t see no problem in this business, as long as the money is invested on the proposed factory. The shieke is a very weilthy personality that he even doesn’t need to take the profit out that poor nation. Loan, in business, is a very natural thing, Mr Editor. You are blinded by hate to see the truth. How would the banks survive if businesmen do not borrow?
when thing get bad, as you daydream, do you thing the sheiki would carry the factory out of ethiopia, kkkkkkk.
u r fool.
elias wake up and behave like a respected journalist.
if the sheike dies he still leave the factory to hopefully poor ethiopian people to work for, even if it is in weyane hands, let him invest, at the end, it will end up in ethiopia,not alamude king haileselasse children cant get anything belongs to ethopian pupil, every goverment has thier own time, turn by turn, so far the gay oppning and working in the city lot of job, good for population,