The corporate division of Bank Hapoalim (TASE: POLI) has led a deal of over $200 million for the Ethiopian government’s
Netafim will provide an end-to-end irrigation solution for a plantation by the Ethiopian government sugar company.
The corporate division of Bank Hapoalim (TASE: POLI) has led a deal of over $200 million for the Ethiopian government’s sugar company to finance a huge irrigation project by Israeli company Netafim Ltd.. The project covers 7,000 hectares (17,500 acres).
The finance will be provided as buyers’ credit, fully guaranteed by the government of Ethiopia, in tranches against milestones in the project, and will be transferred directly to Netafim as payment for exports. The government sugar company will repay the credit over 9.5 years, and the repayment risk is insured by a consortium of insurance companies that ilcudes Ashra Israel Export Insurance Corp. Ltd. and international insurance companies with high credit ratings.
Netafim is a world leading company in smart irrigation solutions for sustainable agriculture. It has 28 subsidiaries, 17 factories, and some 4,300 employees around the world. It supplies to over 110 countries. The company is managed by Ran Maidan and is controlled by European private equity firm Permira and Kibbutz Hazerim.
In the current project, Netafim will supply an end-to-end solution from engineering design to the supply of infrastructure for drawing and transporting water, advanced irrigation systems, and control systems, and including agronomic and engineering consulting by the company’s experts from Israel and elsewhere. The sugar cane will be irrigated using advanced subsurface drip irrigation, which has been proven to boost crop yields substantially while saving water and other inputs. The work will start immediately and will be spread over this year and next.
Netafim CEO Ran Maidan said, “This is a large international agricultural project, and a strategic project that strengthens Netafim’s business in Africa in general and in Ethiopia in particular. Netafim was selected to lead the project because of its proven ability to supply advanced end-to-end solutions for large and complex projects, while advising the customers at all stages. Netafim will lead the project together with Baran Group and Global Africa Industries Group, led by Itai Terner. We thank Bank Hapoalim with which we worled and which haleped us greatly in creating an overall solution to enable the project to go ahead. We are sure that this project will be a success, like similar projects that Netafim has carried out in India, South Africa, Brazil, and Peru.”
These heart-wrenching photos of the people of Omo valley region of Ethiopia make me feel numb and irritable. It reminds me of the 17th and 18th-century slavery.how unfair life really is in Ethiopia under ethnic apartheid regime of the TPLF/EPRDF and how the ethnic cleansing and the systematic racist apartheid regime is in Ethiopia. These heartbreaking images resonate, reminding us of the absolute physical and emotional devastation that has been committed to the people of Ethiopia.
The people of Ethiopia must stand together and expose the unspeakable crimes against humanity and condemned the racism against the the people of Omo valley.
IT IS THE RESPONSIBILITY of all Ethiopian people to speak the truth in exposing crimes against humanity and Institutional racism and lies. Only the truth can set Ethiopia free.
We have long been taught that the truth will set us free, and that seeking the truth is a worthy goal for the betterment of all our precious people and survival of our beautiful country.
In the case of Ethiopia, donor foreign policymakers have been reluctant to confront the unjust ethnic apartheid system of government in the country for fear of creating instability; however, ignoring its basic nature is actually going to also backfire; and when it does, the poor people will be the victims.
We call on the US, the UK, the EU and others donor countries to publicly make a statement condemning the killing of the innocent people and to use your leverage to press for a dialogue leading to democratic change.
We call on the donor countries to openly condemn the repression and violence and for the donor countries to use their leverage as a means to bring about a dialogue leading towards a meaningful and sustainable solution in the best interests of all the people.
The people of Ethiopia are already working to find a way to collaborate together in building a better future for all the people. Once this is achieved and it becomes a nationwide effort; the TPLF regime will be done. This is a time to side with the people instead of with a dying regime. Support for an autocratic regime, while speaking the rhetoric about caring about Ethiopian’s democratic and economic development, must change.
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