Chinese to invest in Ethiopia's first glassmaking factory

The Ministry of Trade and Industry has announced the completion of Ethiopia's first glass factory, worth a reported $15 million, thanks to Chinese investors.

The China-Africa Development Fund, a private equity fund which was set up a year ago, financed the factory's construction. It plans to spend a further $300 million in 2008 on projects in Africa, which falls in line with China's plans to invest heavily in the continent's resource-rich areas.

The Ministry of Trade and Industry commented: "About 30% of the glass sheet produced by the facgtory will be for local use and the remaining 70% for export to East African countries."

It added that the Chinese construction company, CGC Overseas, built the factory in a suburb of Ethiopia and plans for capacity to reach 60,000 tonnes/year of glass sheet.