Bond Sales for Dam Reach 9.4b Br

Bonds collected this year for the construction of the Grand Renaissance Dam have reached 9.4 billion Br. The dam will have a generating power of an estimated 6,150 MW. The main and saddle dams will also create reservoirs with an impounding capacity of 74 million cubic meters.

‘”The reason we don’t have to import electricity is because we have worked to build up the local capacity,” said Debretsion Gebremichael (PhD), the minister of Communications and Information Technology.

There were some issues with collecting money for the project from people of Ethiopian origin living in Europe due to financial regulations.

“We used to be able to collect money for bonds, the rules and regulations of the countries stopped us,” Debretsion added. “It will affect the funds for the project, but we are adjusting to the gap.”

The dam is under construction in the Benishangul Gumuz regional state on the Abay (Blue Nile) River. The project is owned by the Ethiopia Electric Power and financed solely from Ethiopian sources.


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