Great Value Energy Plc, a local recycling plant, receives loans totaling 27 million euros for an expansion targeted at meeting local demand and increasing exports.
Great Value Energy Plc which has an extensive portfolio in; real estate, construction / construction project management, hotel complexes / resorts, food trade, agriculture, pharmaceutical industry, mining / raw materials, and a plastic recycling factory, through its management team stated that, “We will receive the 27 million euro loan and the value is ready on the account to be paid. Moreover, according to our agreements, the security deposit will have a maturity date of up to 5 years.”
Located in Sendafa, Oromia region, the firm now produces 2,600 tons of home products per year from recycled plastics and will increase to roughly 35,000 tons with the installation of three recycling facilities.
To aid its growth, the firm has picked European suppliers for technologies, equipment, and know-how for the supply, delivery, commissioning, and training of the highest quality in manufacturing improvement and business development.
“We are increasing our product range and our annual production capacity up to 35,000 tons. We are improving our product quality with European technology and adding amongst others, strategically important products, such as system relevant recycled raw materials, that are highly demanded in Europe and worldwide. In regards to our factory ́s expansion we signed the necessary foundational commitments,” said the management team.
As indicated by the management, currently the factory is awaiting a guarantee from the local commercial banks. “On our discussion, we have got positive answers from commercial banks through they have to get approval from the national bank, to which we also expect a positive feedback,” said the management.
According to management, purchasers from Europe (Germany) have shown interest in purchasing the firm’s yearly production contingents for three years with roll-on extensions and are paying on regular payment terms.

“We are absolutely confident that our expansion plan will strengthen the economic environment, the foreign currency reserve as well as the people and the government of Ethiopia,” said the company in its statement sent to Capital.
At the same time, it will help to solve a worldwide plastic waste issue while also improving plastic waste management in Ethiopia.

Source: Capital

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