Daewoo Engineering & Construction Co., a major South Korean builder, clinched an $82 million deal to construct a four-lane highway in Ethiopia, making its first entry into the African country.
The company said Tuesday that under the contract signed with Ethiopia’s road management authority, Daewoo E&C will design and build a 37-kilometer highway connecting Meki and Zeway. The construction is scheduled to last 40 months after the groundbreaking.
Daewoo E&C has been faster than any other domestic builders in expanding its footstep in Africa – North Africa including Nigeria, Algeria, Libya and Morocco, and South Africa including Botswana. It obtained one third of the orders that domestic contractors have so far won on the continent, the company noted. The South Korean builder has been steadily winning orders to build not only roads but also other infrastructure, petrochemical and power plants in the region.
The company noted that East Africa is a growing market as the amount of official development aid from various international organizations has been flooding into the region. The latest deal is expected to give the company a chance to have bigger presence in neighboring markets including Kenya and Tanzania, it added.
[pulsenews.co.kr]