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An existing factory in Dredawa installed new textile machines at the cost of half a billion birr and put them into operation.
The Dredawa textile factory, which is said to have been built in 1934 during the reign of Emperor Haile Selassie, used to produce various threads, sheets, abujedi and other products at that time and supplied them to the domestic market as well as to European countries. Due to various reasons, this factory has been subjected to loss due to lack of proper maintenance and new machines.
Pursuant to the privatization law, Redawa Motors, a private limited liability company, which bought the Dredawa Textile Factory from the Development Bank at a cost of 160 million birr, installed new machines at the cost of half a billion birr.
The Dredawa Textile Factory today included the Mayor of Dredawa, Mr. Kedir Juhar, the owner of Redawa Motors Limited Liability Company, Mr. Tadese Admasu, the President of the Ethiopian Development Bank, Dr. Yuhans Ayaleu, the Director General of Property Management of Ethiopian Development Organizations, Mr. Habtamu Hailemichael, as well as the senior leaders of the administration. It was graduated in the presence of invited guests.
The mayor of Dredawa, Mr. Kedir Juhar, who also spoke at the inauguration program, said that the Dredawa textile factory was a pioneering textile factory not only in Dredawa, but also in Ethiopia. On that day, the Honorable Mayor expressed the happiness that he felt by importing and replacing the existing machines with new and modern machines.
Mr. Tadese Admasu, the owner of Redawa Motors Limited Liability Company, said that the Dredawa textile factory was equipped with modern machines and spent more than 650 million birr to complete the graduation ceremony. They said.
Dr. Yuhans Ayaleu, President of the Development Bank of Ethiopia appreciated the contribution made by Mr. Tadese Admasu, the owner of Redawa Motors Limited Liability Company to restore the early and historic Dredawa Textile Factory to its former glory and said that the Development Bank will continue to work alongside the management for the development and prosperity of Dredawa.
Dredawa textile factory has a great history in the industrial history of Ethiopia and he is happy that this factory has been put into operation in a modern form, Habtamu Hailemikael, Director General of Property Management of Ethiopian Development Organizations, said that everyone should contribute to the work done in the textile factory in the future.
The foundation stone was laid for the establishment of a garment factory at the cost of 5.4 billion birr in Dredawa textile factory.
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