Midroc-Ethiopia to Invest in Education, Research

 Midroc-Ethiopia to Invest in Education, Research

 

  Addis Ababa, September 19, 2001 (WIC) - The Midroc-Ethiopia Investment Group, the

   major private investor in the country, has announced plans to diversity into research and

   education, and has applied for a licence to launch projects in the sector.

 

   The owners, Sheik Mohamed Hussein Ali Al-Amoudi, and three other investors, have

   contributed a total of 20 million birr as an initial capital for the METI-Midroc Education and

   Training Institute.

 

   The Company, to be headquartered in Addis Ababa, has 2000 shares, each worth 10,000 birr.

   With 1,400 share, Sheik Al-Amoudi is the majority share holder.

 

   According the Memorandum of Association of the Company which was issued today,

   METI-Midroc Education and Training Institute PLC has as its founding objectives, the provision

   of "quality education at all levels from pre-primary up to University level".

 

   It will also "develop and conduct collaborative education and research activities with local as

   well as foreign educational research institutes, and produce, export and distribute educational

   material and equipment.

 

   Sheik Al-Amoudi is the General Manager of the Institute. It is expected that the company will

   start activities immediately after acquiring the licence from the Ethiopian Investment

   Authority, EIA.