EXPANSION BUSINESS PLAN
FOR
Agricultural Mechanization Machinery for
Rental service
Project Address: In Oromia Regional State
Project Promoter: - Redwan Hadi
CONTACT PERSON
ADDRESS: BALE ROBE
MOBILE: +251-9-11-78-36-73
June, 2016
ADAMA, ETHIOPIA
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I. Executive Summary
1.Project Name Mr.Redwan Hadi Agricultural Mechanization
Machinery service
1. Project Owner Mr.Redwan Hadi
2.Nationality Ethiopia
3.Project Location Oromia Regional State, Bale Zone
4.Project Type Agricultural Mechanization Machinery service
5.Startup Capital For implementing this project a total of 7,500,000.00
ETB is required. From this 2,250,000.00 will be
covered by the promoter of the project while the rest
5,250,000.00 will be covered by financial institutions.
6.Employment This project will give employment opportunity for 5
Opportunity permanent and temporary employees as it is needed
increase the hire.
7. For The region/ Source of income for the regional government as
country business income tax
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PART ONE
1. INTRODUCTION
Agriculture is the main stay of Ethiopian economy, contributing 50% share in the
gross domestic product (GDP). About 85% of the population is engaged in agriculture;
about 75% of the Ethiopia’s industry is engaged in processing of farm products
(Yohannes, 1991). From the total area in the country, 69% is estimated to be suitable
for agricultural purposes.
Export crops such as coffee, oilseed and pulses are also mostly rain feed, but
industrial crops such as sugar cane, cotton and fruit are irrigated. Other important
irrigated crops include vegetables and fruit trees in medium- and large-scale
schemes and maize, wheat, vegetables, potatoes, sweet potatoes and bananas in
small-scale schemes under private and governmental farms. There is a marked value
added in irrigated agriculture. A case study carried out in 2001 estimated that
average yields of cereals under irrigation and rain feed conditions are 1.75 and 1.15
tonnes/ha respectively. Ethiopia has an important opportunity in water-led
development, but it needs to address critical challenges in the planning, design,
delivery, and maintenance of its irrigation systems if it is to capture its full potential.
River basin master plan studies and related surveys indicate a maximum irrigation
potential of about 5.7 million hectare, but about 3.6 million ha is commonly quoted.
The irrigation potential of Ethiopia is at present estimated at about 2.7 million
hectare, considering the availability of water and land resources, technology and
finance.
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The government of Ethiopia has been excreting its maximum effort to expand
investment on agriculture and agricultural led- industrialization opportunities in the
country by designing different policies and strategies that will facilitate investment
through attracting both domestic and foreign investors. Likewise, the Oromia
regional state government has been working day and night to make poverty history
by making its door open to investors both (domestic and foreign) to come and invest
in the region.
Therefore, it is this ample opportunity and an experience of agriculture sectors that
makes Mr.Redwan Hadi, motivate to invest in agriculture sectors. The main
objective of the project is to generate profit to the promoter over the invested
capital to make the hires and legatees beneficiaries in the mere future. The other
objective is providing main and common services to the society. To meet this
objective, the promoter intended to have the Agricultural Machinery.
1.2. Location, Infrastructure
1.2.1 Location
The state of Oromia sprawls over the largest part of the country and at present
consists of 20 administrative zones . Of the 12 zones, Bale and Borena account for
45.7% of the state’s total area but only about 14% of the state’s population. The
council of the state of Oromia is the highest body of its administrations.
LOCATION
The state of Oromia borders Afar. Amhara and the state of Benshangul/Gumuz in
the north, Kenya in the south. The state of Somali in the east, the republic of the
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Sudan and the state of Benishangul gumuz in the west, the state of southern nations,
nationalities and peoples’ and the state of Gambella in the south.
AREA
Based on the political map (1994 population and housing census commission, CSA),
the estimated area of the state of Oromia is about 353,690 km2, and accounts for
almost 32% of the country.
POPULATION
According to the 2007 census result the total population was 27,158471 of which
13,676,159 were males and 13,482,312 females. The rural residents of the state
accounts for 89.5 % of the total Population. The religious composition of the
population of the state indicated that 33.9% were Muslims, 43.5% Orthodox
Christians, 18.6% Protestants, and 2.6% followers of traditional religions. The
remaining 0.6% constitutes other religious groups. In urban Oromia orthodox
Christians constitute 59.1% of the population, followed by Muslims 25.9% and
Protestants 13.5%.According to the 1994 census result, the major ethnic groups
within the state include 85% Oromo, 9.1% Amhara and 1.3 % Garage (some of
sebatbet Guragie, Sodo Gurage and siltie).the remaining 4.6% constitute other
ethnic groups.
Oromifa (oromigna), presently inscribed with Latin characters, is the official
language. It constitutes 83.5% of the spoken language. Other major languages are
Amharic 11%, Guragigna (sebatbet,sodogna,siltigna and Hadiyigna together), 0.98%,
Gedeogna 0.98% and Tigrigna 0.25%.
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1.3. Major Economic Activities
Over 90% of the people of Oromia live in the rural area, and agriculture has remained
the source of livelihood for the overwhelming majority of the people. The main
agricultural crops include maize, teff, wheat, barley, peas, bean and various types of
oil seeds. Coffee is the main cash crop in the region. Oromia accounts for 51.2% of
the crop production, 45.1% of the area under temporary crops and 44% of the total
livestock population of Ethiopia.
TOPOGRAPHY AND CLIMATE
Oromia is a region of greate physiographic diversity. Its landscape includes high and
rugged mountain ranges, undulating plateaus, panoramic gorges and deep incised river
valleys, and rolling plains. Rising from less than 500 meters above sea level to high
ranges that culminate into Mountain Batu (4607 m) the highest peak of the region.
Oromia is endowed with varied relief features which in turn accentuate varied and
amiable climatic condition and other rich natural resource bases.
Oromia is a remnant part of the high and extensive Afro-Arabian plateau formed
from continued uplift, rifting and subsequent volcanic piles. High relief of over
1500m is dominant. The climatic types prevailing in the region may be grouped into 3
major categories: the dry climatic, tropical rainy climate and temperate rainy
climate. The dry climate is characterized by poor sparse vegetation with annual mean
temperature of 270c to 390c, and means annual rainfall of less than 45 mm. the hot
semi-arid climate mean annual temperature varies between 180c and 270c. It has a
mean annual rainfall of 411-820 mm with noticeable variability from year to year.
Highlands of oromiya experience temperate climate of moderate temperature, (mean
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temperature of the coolest month is less than 1800c) and ample precipitation (1200-
200 mm).
RIVER AND LAKES
Awash, Wabe-Shebele, Genale, Gibe, Baro, Dedessa and Guder are major rivers in
the region. River Awash, which is the longest river inside Ethiopia is a source of
great agro-industrial and hydroelectric power.
The crater lakes Green lake (true to its name), Bishoftu, Kuriftu, Bishoftu-Gudo,
Hora-Kilole, Horsa Arsedi, and the rift-valley lakes Ziway, Abiyata, Shala, and
Langano are found in this region. They have immense potential for recreation and
fishery development.
FAUNA
There are around 800 bird species and more than 100 wild animals in the region.
Endemic wild animals such as the mountain Nyala, the Semien Red Fox and Menelik
Bushbuck inhabit the Bale mountains national park.
The Awash National Park, the oldest and most developed game reserve of its kind
in Ethiopia, consists mostly of the east African plain games except Giraffe and
Buffalo. It is home to the Oryx, Kudu, Caracal, Aardavark, Colobus Monkey, Green
Monkeys, Baboons, Leopard, Klipspringer, Hippo, Seemering's Gazelle, Grevy's
Zebra and Cheetah.
The Awash National Park is also a natural sanctuary of numerous bird-species, some
of which include Limburger, Wattle Crane, Angur Buzzard, Verreaux Eagle and long
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eared owls. Water Fowls, Shore Birds and the colorful Ruddy Shelled Duck as well
as the endemic Blue-winged Goose are common in the marshy areas of the park.
MINERALS
MINERALS
The explored mineral deposits of the region include: gold, platinum, nickel, iron-
ore, soda ash, diatomite, limestone, feldspar, silica sand, dolomite, kaolin, granite
and other non-metallic construction materials.
Gold mines at Adola and Laga Dambi (Borena zone) Nejo and Birbir river Valley
(Wollega), and platinum at Yubdo (Wellega) are being exploited. Mining activities
that are already underway include:gold (Borena and West Wellega), soda ash in the
Rift Valley, limestone, gypsum and clay soil (Muger), tantalum (at Kenticha)
ornamental and construction minerals (in Hararghe and Wellega) and ceramic in
Borena.
Oromia has high potential for hydropower development. Untouched energy in
geothermal, natural coal, and solar are found in the region at present, the greatest
percentage of the hydroelectric power of Ethiopia comes from Koka, Fincha,
Melka-Wakena and Sor power stations of the region.
The total installed capacity of Integrated Circial System hydro electricity
generating stations in the region amounts to 367,120 kW of which 360,200 (98.1%)
and 6920 (1.9%) are hydro and thermal respectively. On the other hand, the total
installed capacity of self contained system (SCS) in 1993/94 is 12,759 kw of which
5,510 (43.2%) and 7,249 (56.8%) are hydro and thermal respectively. Gilgel Gibe
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another hydroelectric power source is under construction. Construction ly, most of
the rivers in the state have immense hydroelectric power potential.
INVESTMENT There are more than 761 investment projects in the region. These
projects have a capital of 3.4 billion Birr and will provide employment opportunity
for above 51,728 employees. With its vast and varied natural resources the region
has ample opportunity for investment.
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1.4. The Project
1.4.1. Project Description
The area for this project is The State of Oromia borders Afar, Amhara and the
State of Benshangul /Gomez in the north, Kenya in the south, The State of Somali
in the east, the Republic of the Sudan and the state of Benishangul/gumuz in the
west, the State of Southern Nations, Nationalities and Peoples' and the state of
Gambella in the south. Since the region is a bordered with the above locations it will
open a wider opportunity for the owner to reap the maximum benefit from the highly
accelerated constructions in Ethioipia within the time gap of GTP and in the future.
1.4.2 Project Objectives and Benefit
The main objective of the project is to generate profit to the promoter over the
invested capital to make the hires and legatees beneficiaries in the mere future.
The other objective is providing main and common services to the society.
1.4.2.1 Specific Objectives
To get bank loan for Agricultural Mechanization Machinery service
purchase
Getting investment license to fulfill Agricultural Mechanization Machinery
service standard,
Participating in agricultural farming bids and winning with reasonable cost,
Create employment opportunity to a local community,
Generate revenue for the government which will be collected from rental of
machineries
Provide quality services at fair and equitable price, as well as contribute to
the development of economy in the country.
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PART TWO
2. MARKET ASSESSMENT
2.1. MARKET ACCESSIBILITY
Market is an essential factor for realization of the viability of the project that has
serves for collection of raw materials used as input. In this aspect the district in
which the project is planned to be situated has been a long history in open market
availability operational two days in a week (on Tuesday and Saturday).
Moreover, the growing need of Services as a result of the growing of resources in
the country particularly in the rift valley regions and the expansion of trade around
Robe town and its surrounding Woredas and towns makes the Agricultural
Mechanization Machinery service clearly feasible and has high market accessibility.
Moreover, the growing need of Agricultural sector as a result of the growing of
resource in the country particularly in the rift valley regions and the expansion of
trade around Eastern and Southern part of Oromia Zone and Woredas like Woredas
in Bale zone like Jera, Ginner and Sinaana the makes the Agricultural
Mechanization Machinery service rental service clearly feasible and has high
market accessibility.
2.2 Production process
2.2.1. Tendering and contract
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In Ethiopia, several forms of contract agreements are available. One form of
contract is (with or without quantities) and the folic form of agreement. The
government has its own form of contract known as ministry of works and urban
development (MWUD) form of contract (with or without quantities).
For the donor-funded projects, the donor agencies might suggest their own form of
contract. Concerning tendering the tender documents has to be such a nature that
contains the relevant information for the machinery to calculation drawings of
essential details, specifications and quantities as well as description of the project
should be available.
2.3.2. Productivity of the area
As it is already indicated earlier the focused districts are surrounded by rural
villages and the life of the surrounding population is based on agriculture (crop
production and animal rearing).
However, since the productivity of the zone is relatively well than all other
administrative zones, it requires a large industry storage and terminals for long
distance travel vehicles.
2.3.3 Customer Availability
Customer’s availability and reliability are vital factors for performance of business
activities that activate the direct flow of commodities and exchange of know-how
as well as facilitate transfer of technologies. It is the main way though which service
circulates among producers to consumers or users.
Stability and prevailing economic policy made Ethiopia increasingly a diplomatic and
economic centre and made Oromia is the best preferable area especially in
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investment sector among other regions. As a result, a significant number of
foreigners begun to reside in a country either for diplomatic purpose or for
investment reasons
To know how of, local people towards industry and focus areas is also at increasing
rate. All the above mentioned situations hoped to make the project viable and long
lasting. In addition to a wide and uninterrupted range of activities that are being
taken to avert the problems by the government and unsatisfied service of the
project area create good market opportunity for the project to be contemplated.
2.4. Working plan
No Description Measurement Daily Monthly Annual
Estimated Estimated Estimated
Revenue Revenue Revenue
1 Agricultural Birr 10x60x45= 22x27,000= 5x594,000.00=
Mechanization 27,000 594,000 2,970,000.00
Machinery
service
2.4.1. Revenue Project for three years
No Description Service Annual Revenue
Sales/Rent
Unit 1st year 2nd year 3rd year
1 capacity % 25% 30%
2 Agricultural Birr 2,970,000.00 3,712,500.00 4,826,250.00
Mechanization
Machinery
service
Assumption; Revenue will increase by 25 % and 30 % consecutively
PART THREE
3.1. ORGANIZATION AND MANAGEMENT
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Organizing, the process of structuring human and physical resource in order to
accomplish organizational objectives, involves dividing tasks in to jobs, specifying
the appropriate department for each job, determining the optimum number of jobs
in each department, and delegating authority within and among departments. One of
the most critical challenges facing managers today is the development of a
responsive organization structure that is committed to quality the ownership of this
project is sole proprietorship. Therefore, organizational structure of this project is
of simple type.
General
Manager
Accounting Marketing General Service
Department Department Department
As clearly shown in the organizational structure, the project has three sections
under the General Manager. These are the Accounting Department, The marketing
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Department, and the General Service Department. Under the Accounting
Department there are Accountants and cashers that will collect money from the
customers. The marketing department is accountable for handling the customers of
the project in its different sections, and it is consist of marking officers and the
waiters. Finally the General Service Department consists of the purchaser, stock
keeper, drivers, Janitors and the guards. Hence the following sections deal with the
duties with the duties and responsibilities of each section.
1. The Agricultural Mechanization Machinery service manager’s Duties and
Responsibilities
He will pan, organize, direct and control the overall activities of the project.
He will devise policies and strategies that will enable the project to be
profitable.
He will incorporate modern technological innovation that will facilitate the
service delivery of the commerce and increase customer’s satisfaction.
He will plan, organize, direct and control the human and non-human resource
of the project so as to achieve the short and long run objectives of the
organization.
2. Accounting Department
The Accounting Department of the commerce is responsible for undertaking the
following activities.
Will plan, organize direct and control the financial transaction of the
construction machinery rental area by using the entire necessary document.
Will develop sound financial control system be developing modern financial
control systems
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Will prepare the annual financial statements and prepare condensed reports
for both the construction manager and other concerned government body.
3. The marketing Department
Will handle the overall marketing activates of the organization which include
planning, organizing, directing, and controlling.
Will develop the marketing strategies for future station’s development.
Will develop effective customer handling strategies.
The Agricultural Mechanization Machinery service Department
Will control the human and non-human resource of the station, which include:
effective handling of the different inventories of the station, and devise
strategies of controlling against fraud and damage.
Will provide the right material or inventory to the station with right price at
the right time.
Control over the different sections of the station.
3.2. FINATIONAL ANALYTSIS OF THE PROJECT
3.2.1. FIXED INVESTMENT
Fixed investment costs are expenditures on the required fixed assets to the full
operation of the project. The major components of fixed costs are constituted of
expenditures on cost of building and different machineries and necessary equipment.
3.2.2 Working Capital
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The initial working capital investment is to be made from the previous revenue of
construction machineries rent. Therefore, working capital is part of the annual
operating costs that is required to make the project operational and viable. The
initial working capital that will be incurred for utilities, wages and salary, raw
materials for the Agricultural Mechanization Machinery service machineries
estimated to be Birr 4,653,620.00.
3.2.2. Financial Viability
The incentive to undertake this project by the promoter is to generate profit; the
project should be financial viable benefiting the promoter and the lending
instruction. Thus, some financial statements have been selected to compare costs
and benefits of the project over its life time. To measure the values of cost and
benefits of the project the following income statement is used.
3.3 Cash on hand
For implementing this project a total of 7,500,000.00 ETB is needed, from this
30% or 2,250,000.00 will be covered by the promoter of the project while the
rest 70 or 5,250,000.00 will be covered by the financial institutions.
3.4 salary Expense
No Description No Qualification Monthly Annual
salary/man Salary
1 Driver 2 Licensed 10,000.00 240,000.00
2 Daily worker 2 Adults age> 18 2000.00 96,000.00
3 Casher 1 Acct Dip. 5000.00 60,000.00
total 396,000.00
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3.5. Pre Operating Cost
No Description Cost
1 project proposal 10,000.00 00
2 Licensing and others 5000.00 00
Total 15,000.00 00
3.6. Summary of Financial Requirement
No Description cost
1 Fixed Investment Birr Cent
1 Machinery and Vehicles 4,653,620.00 00
Total Fixed Investment Cost 4,653,620.00 00
2 Operating Expense 00
2.1 service rendering expense 1,284,580.00 00
2.2 salary Expense 396,000.00 00
2.3 other operating Expense 1,150,800.00 00
2.4 pre-service Expense 15,000.00 00
total operating expense 2,846,380.00 00
total cost 1,877,480 00
total investment cost 7,500,000.00 00
3.7 sources of fund loan repayment schedules
For implementing this project a total of 7,500,000.00ETB is needed, from this
30% or 2,250,000.00 will be covered by the promoter of the project while the
rest 70% or 5,250,000.00 will be covered by the financial institutions.
No source % share Amount in Birr
1 promoter’s equity contribution 35.95 675,000.00
2 Loan from local bank 64.05 1,202,480.00
Total 1,877,480.00
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3.8 Bank Loan repayment schedule for 3 year
year principal Interest Total Annual Remaining Balance
payment (14.65%) Payment
0 0 0 0 5,250,000.00
1 1,750,000.00 769,125.00 2,519,125.00 3,500,000.00
2 1,750,000.00 512,750.00 2,262,750.00 1,750,000.00
3 1,750,000.00 256,375.00 2,006,375.00 00
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PART FOUR
4. Profit/Loss statement
Mr.Redwan Hadi Agricultural Mechanization Machinery service Profit /Loss
statement. Projected for year junr1, 2008-2010 E.C
Revenue year 1 year 2 year 3
2,970,000.00 3,712,500.00 4,826,250.00
sales/Rental Service/
purchase/cost of 1,284,580.00 1,541,496.00 1,849,795.20
service rendering
Net sales 1,685,420.00 2,171,004.00 2,976,454.80
Expenses
Salary Expense 123,600 129,780 136,269
other Operating 115,800 0 0
Expense
Deprecation 135,000 135,000 135,000
Pre-service Expense 3,500 0 0
Principal pay. & interest 576,990.30 492.461.24 420,315.67
Expense
Total Expense 954,890.30 757,241.24 691,584.67
Profit Before Tax 334,529.70 897,221.00 1,521,823.83
Tax (30%) 100,358.91.00 269,166.30 455,547.14
Net Profit 234,170.79 628,054.70 1,066,276.69
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Hint.
Deprecation calculating by strait line method
Cost of service rendering & salary increasing starting from 2 year by 5%
Operation expense increasing starting from year 2 by 3%
Deprecation Cost Calculating depend on the following rule & methods
The straight- line method has been used to depreciate/ amortize all fixed assets of
the project on the basis of their acquisition costs. Based on income tax proclamation
No.286/2002 depreciation rates applied for the different assets.
4.1. Cash Flow Statement
Mr.Redwan Hadi Agricultural Mechanization Machinery service has the following
cash flow projection for the year 2008-2010 E.C
Description year 1 year 2 year 3
Cash on hand 529,389.00 883,002.58 1,274,447.65
Total Sales 2,970,000.00 3,712,500.00 4,826,250.00
Cash available for use 3,499,389.00 4,595,502.58 6,100,697.65
Cash payment
Cost of service rendering 1,284,580.00 1,541,496.00 1,849,795.20
Salary 123,600.00 129,780.00 136,269.00
Operating cost 115,800.00 127,380.00 140,118.00
Principal Payment & Interest 769,125.00 512,750.00 256,375.00
Tax Payment 334,529.70 897,221.00 1,521,823.83
Total payment 1,435,500.00 1,959,870.24 2,562,868.30
Cash surplus/ Deficit 383,309.00 577,594.59 924,987.85
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PART FIVE
5.1 PAYBACK PERIOD OF THE PROJECT
As clearly the cash flow statement shows the promoter of the project has sufficient
amount of money that enable him pay the bank loan and invests in other business of
his interest. When we come to the payback of this project, it will cover its initial
investment cost within three years of subsequent operation.
5.2 ENVIRONMENTAL IMPACT OF THE PROJECT
Currently the issue of environment and envelopment get due emphasis and thus every
citizen called to exert their maximum effort for fighting against any negative
impacts on the environment so as to result in a win-win solution on common agenda
that is creating environmentally friendly business environment. Therefore
Mr.Redwan Hadi Agricultural Mechanization Machinery service does no more cause
a negative impact on the environment during project operation phase. However, the
project will hire any expected negative impact and will take all the environmental
management guide lines as well as mitigation measures.
5.3 PROJECT IMPLEMENTATION ACTION PLAN
The envisaged project has the following implementation schedules.
Activities Time plan
Purchase of Machineries June, 2008 E.C
Operational July, 2007 E.C
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PART VI
6.1 FUTURE DEVELOPMENT & EXIT STRATEGIES
Every business undertakings be it large or small should have future development plan.
It is a plain fact that business activities are undertook in a dynamic and turbulent
environment. Hence, to overcome or minimize the risks of uncertain future business
should devise effective strategies that enable them to be successful in their
operation. Likewise this project has devised strategies to overcome the future rick
of operation. The first strategy is diversification of its activities to different other
business forms and upgrade the standard to a well know Agricultural Machinery
service. The second future development plan of the project is expanding its branches
in many other parts of the district. The third strategy of the project promoter is
making a joint venture with other similar business undertakings either in the
domestic country or form abroad.
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Table of Contents
I. Executive summery.................................................................................................... 1
PART ONE….................................................................................................................................. 2
1, INTRODUCTION ................................................................................................................... 2
1.1 construction industry policies, programs & target construction industry
objectives ..................................................................................................................................... 2
1.2 Location, Infrastructure .................................................................................................... 3
1.2.1 Location ........................................................................................................................ 6
1.3 Major economic Activities………………………………………………………………………………………………4
1.4 The project…………………………………………………………………………………………………………………………6
1.4.1. Project Description………………………………………………………………………………………………6
1.4.2 Project objectives and Benefit………………………………………………………………………….6
PART TWO……………………………………………………………………………………………………………………………... 7
2 MERKET ASSESSMENT……………………………………………………………………………………….. 7
2.4 Market Accessibility……………………………………………………………………………………………... 7
2.5 Production process……………………………………………………………………………………………….. 7
2.5.2 Tendering and Contract…………………………………………………………………………………….. 7
2.3.2 Productivity of the Area……………………………………………………………………………………… 7
2.3.3 Customer Availability……………………………………………………………………………………………. 8
2.4. Working plan…………………………………………………………………………………………………………………8
PART THREE…………………………………………………………………………………………………………………………… 9
3.1 ORGANIZATION AND MANAGEMENT………………………………………………………………. 9
23
3.2. FINATIONAL ANANLYUSIS OF THE PROJECT…………………………………………… 11
3.2.1. FIXED INVESTMENT………………………………………………………………………………………… 11
3.2.2. Working Capital……………………………………………………………………………………………………. 11
3.2.3 Financial Viability…………………………………………………………………………………………………..11
3.3. Cash on Hand…………………………………………………………………………………………………………………. 11
3.4 Salary Expense………………………………………………………………………………………………………………. 11
3.5 Pre Operating Cost……………………………………………………………………………………………………….. 11
3.6 Summary of Financial Requirement…………………………………………………………………………… 12
3.7 Sources of Fund and Loan Repayment Schedules………………………………………………….. 12
3.8 Bank Loan Repayment Schedule for 10 Year…………………………………………………………… 13
PART FOUR…………………………………………………………………………………………………………………………….19
4. Profit /Loss Statement……………………………………………………………………………………………………19
4.1 Cash Flow Statement……………………………………………………………………………………………………20
PART FIVE………………………………………………………………………………………………………………………………21
5.1 PAYMENT PERIOD OF THE PROJECT………………………………………………………………………21
5.2 ENVIRONMENTAL IMPACT OF THE PROJECT……………………………………………………21
5.3 PROJECT IMPLEMENTATION ACTION PLAN……………………………………….……………..21
PART VI……………………………………………………………………………………………………………………..……………22
6.1 FUTURE DEVELOPEMNT & EXIT STRATEGIES……………………………………………………22
24
25
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