Ethiopia’s sovereign wealth fund has signed a shareholder agreement with UK private equity firm Asset Green for a $600 million dairy farming and processing project in the Horn of Africa nation.
Ethiopian Investment Holdings and Asset Green will jointly raise the funds, with the UK firm to be the majority shareholder, EIH Chief Executive Officer Brook Taye said on Monday in Addis Ababa, the capital. They will also consider bringing in other backers.
The project will be implemented in two phases. The initial stage will establish a 15,000 hectare dairy farm and processing plant. The second phase envisages cultivation of cotton, oilseed and rice.
EIH controls several large state-owned enterprises, including Ethiopian Airlines, Africa’s largest airline, and Ethio Telecom.
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