ADDIS ABABA – With an ambition to contribute to Ethiopia’s Agriculture Development-Led Industrialization (ADLI) strategy, local beverage company announced that the first phases of its brewery project is nearing completion.
Established with an initial capital of 1.5 billion Birr, which has now increased to 5 billion, Kegna Beverages S.C disclosed that the construction ofits brewery factory on 109.075 hectares of land in west Shoa zone of Oromia state, is almost completed.
The company said in a press release sent to The Ethiopian Press Agency (EPA), that this milestone marks a pivotal moment as it has prepared to introduce its products to the vibrant Ethiopian beverage market.
The construction of the brewery factory was started after thorough financial, economic, technical, social and environmental appraisals were made and found to be viable and socially desirable in terms creation of employment opportunities and other social benefits, the company said.
The benefits identified with this project are clearly included in the country’s framework of development regulation act and this project is one of the government priority areas that contribute to the ADLI strategy that Ethiopia follows as a bridge to industrialization, it added.
Kegna Beverages, which is entirely owned and managed by Ethiopians, mentioned that the project is a significant investment in the nation’s economic future.
The economic benefits associated with the project, according to the statement, are far-reaching and have the potential to stimulate economic activities across various sectors while creating substantial employment opportunities.
Since the inception of this endeavor in 2017, the company had faced numerous challenges, ranging from the COVID-19 pandemic to economic instabilities, currency devaluation, acute shortage of foreign currency, and sudden price surge on construction materials.
Withstanding the hurdles, the Brewery expressed that it has managed to finalize the first phases of its project.
Kegna Beverages S.C was established under the Commercial Code of Ethiopia with the objective of producing all kinds of beverages, ranging from alcoholic to non-alcoholic drinks.
BY STAFF REPORTER
THE ETHIOPIAN HERALD FRIDAY 30 AUGUST 2024
