Gafat Endowment to build paper factory

Gafat Endowment plans to invest seven billion birr in a pulp wood farm. They plan to harvest eucalyptus trees which are  used to produce pulp as well as a  paper factory in the Amhara regional state. One of the investment arms of Tiret, Gafat Endowment is planning to establish seven companies. So far it has established two companies called Tana Paper and Pulp factory, to be called Tana paper and Pulp factory Share Company to be established by Gafat. Gafat will establish four more companies in the coming few years. Gafat will raise the capital required for the establishment of the new company by floating shares to the public. It will also use money from its coffer and borrow money from one of the commercial banks. General Manager of Gafat Endowment, Dr. Alemayehu Wase told Reporter that the project would be the first of its kind. The two subsidiary companies-Tana Flora and Tissisat- have already become operational. Tana Flora is presently operating a flower farm on 40 hectares of land found in Bahir Dar, in Amhara Regional state. The Company plans to export flowers directly from Bahir Dar to Europe. Tissisat is engaged in drilling water wells and constructing canals for irrigation.
(The Ethiopian Reporter)