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Al-Amoudi has moved into agriculture with plans to export rice, bananas and processed coffee from Ethiopia. Horizon is seeking to double orange production to 50,000 tons a year by investing 432 million birr ($23 million) in Upper Awash Agro.
The Tendaho sugar factory 380 kilometers northeast of Addis Ababa that’s financed with a $640 million line of credit from the Export-Import Bank of India could suffer if the Awash becomes saline. India is the world’s largest sugar consumer and second-biggest producer.
Metahara and Addis Ketema, towns with more than 30,000 residents, the sugar estate at Metahara east of the capital as well as Tendaho’s sugar facility in the arid Afar region are at risk should the lake continue its mysterious growth.
Sugar is important to Ethiopia’s growth plans as raw sugar futures at 18 U.S. cents a pound on ICE Future U.S. in New York are 50 percent higher than at the end of 2008. They’ve dropped almost 9 percent this year after falling 16 percent in 2012.
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