News and Press

Tsedey Bank and Lemi National Cement PLC decided to partner up following extensive talks between senior executives. Following the agreement, a delegation from Tsedey Bank’s executive management team visited Lemi National Cement PLC.

Tsedey Bank is a prominent Ethiopian private commercial bank with a paid up capital of Birr 9.833 billion. The bank’s financial strength is further reflected in its total assets and capital, which stand at Birr 56.6 billion and Birr 12.8 billion, respectively. It has over 14,000,000 total customers and 1,000,000 active loan customers across Ethiopia. The bank has rapidly grown its national presence with a network of over 614 branches. Tsedey Bank provides a wide range of domestic and international banking services with excellent customer service standards.

A delegation from Tsedey Bank’s executive management team visited Lemi National Cement PLC to strengthen their understanding of the company’s operations and explore potential avenues for collaboration. Lemi cement project is located in Amhara Regional State, North Shewa Zone, Ensaro Woreda, and 130 km north of Addis Ababa. The PLC currently is a member of the joint venture formed between East African Holding and West International Holding (WIH), a multi-billion stock market listed Chinese Industrial Enterprise. Upon completion of its cement projects within 2024, East African Holding will alone be able to cover more than 50% of the current cement demand of Ethiopia. The joint venture partners National Cement Share Company and West China Cement/West International Holding Co. Ltd/ have entered an agreement for USD 2.2 billion investment to be carried out at different phases. The first phase of the project valued at $600 million entails six projects to be built on a 270 hectare of land. At full capacity, the factory will produce 4.5 million tons of cement annually.

According to the PLC, the projects include: 30 million m2 gypsum board and 400,000 tons of gypsum powder plants, concrete pole, prefabricated house & culver pipe plant, batching plant, aggregate production plant, & Dire Dawa two lines each with capacity of 700,000 TPA Steel products, increasing the Dire Dawa plant by 30%. Upon completion, the projects will have a significant impact in curbing the gap in supply & demand of cement with additional quantity of 10,000 tons per day clinker production, self-sustenance for foreign currency requirement through export and etc.

Source: https://www.eastafricanholding.com