Ethiopian Investment Holdings (EIH) has signed a Memorandum of Understanding (MoU) with RUSAL, one of the world’s largest producers of low-carbon aluminium, to advance plans for the establishment of a large-scale aluminium smelter plant in Ethiopia.
The proposed facility is expected to have an annual production capacity of 500,000 metric tons, positioning Ethiopia as a competitive supplier for both regional and global aluminium markets. The project is designed to meet growing domestic demand, support industrial development, and significantly reduce foreign currency outflows currently spent on aluminium imports.
With an estimated project timeline of 3–4 years, the plant is expected to operate for up to 50 years, contributing long-term industrial value. The first phase, valued at approximately USD 1 billion, is anticipated to receive 70% funding from committed debt providers who have expressed strong interest in supporting the initiative.
Following the MoU signing, EIH and RUSAL have established a joint technical committee to oversee project preparation. Preliminary activities — including site identification and a comprehensive feasibility study — are already underway to ensure timely progress.
This partnership underscores EIH’s commitment to attracting high-quality global investors, strengthening Ethiopia’s industrial base, and enabling strategic projects that drive sustainable economic growth.