The Agriculture Fast Track Fund supports African Bamboo's vows to develop an eco-friendly bamboo processing plant for the European and international market.
Grant Recipient: African Bamboo Location: Addis Ababa, Ethiopia Grant Amount: US$748,988 Investment Size: approx. US$ 8.2 million
African Bamboo is a start-up company owned by Fortune Enterprise Plc, an Ethiopian furniture manufacturer, established in 1964. African Bamboo’s main objective is to produce high quality woven strength boards (WSB), made from native highland bamboo (Yushania alpine), for the export market in Europe, in a sustainable, energy efficient and eco-friendly way.
African Bamboo seeks to ensure process quality as well as environmental sustainability and social acceptance of the industrial compressed bamboo panels production. The company will also be certified for Social Accountability, ISO9001 and ISO14000, which guarantee that human rights are embedded in the supply chain. A quality and environmental management system will be in place.
AFT support will allow African Bamboo to develop state-of-the-art technology industrial bamboo processing plant project site to be located in Ejersa, Lume district, near Modjo town of Oromia region, 16km from the district’s main l town, Modjo, and 89km from the capital city, Addis Ababa.
The grant is destined to finance the costs of the preparation of civil, mechanical and electrical engineering & design plans, as well as product certification up to the EU and ISO standards.