200 Million USD Mobilized for Grand Millennium Dam Project, Ethiopia

The Ethiopian government says it has mobilized about US$200 million from private and government employees towards the construction of Africa’s biggest dam over the Nile River.

The project has created a diplomatic row between Ethiopia and neighboring Egypt, which is against the construction of the dam.

Ethiopia has projected that the Great Renaissance Dam will produce around 5,250 megawatts (MW) of electricity when complete in 2015. Generation of electricity will start in two years.

The construction of the dam, to be fully funded by the government will cost US$ 5 billion which is almost equivalent to Ethiopia’s annual budget.

After launching the project in April, the government introduced the selling of bonds both locally and abroad to generate money for its implementation.

Ordinary Ethiopians have been using their monthly salaries to buy the bonds. School children have also not been left out as they have given donations towards the project.

A committee tasked with the mobilization of funds for the project on Thursday said US$ 200 million had been collected so far from the government and private employees. A number of private organizations and business people have also bought the bonds.