Ethiopia arranges $200m funding for Great Renaissance Dam

The Ethiopian government has announced that it has mobilised $200m from private and government employees to go towards the construction of the Great Renaissance Dam.

The dam will generate 5250 MW when completed in 2015, and the total cost of the project will be $5bn.

After launching the project, the government introduced the sale of bonds locally, and this sale has raised $200m, including purchases by school children who, according to a government spokesman, have invested in their own future. The committee tasked with mobilising funds for the project said that in addition to the $200m a number of organisations have also invested.

The dam will flood 1680 kmà‚³ of forest in northwest Ethiopia, near the Sudan border, creating a reservoir nearly twice the size of Lake Tana, the country’s largest natural lake.

The project has created a diplomatic row with neighbouring Egypt, which opposes construction of the dam.

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