Visblog

Photo Ethiopia just commissioned Africa's largest hydro power dam, the Grand Ethiopian Renaissance Dam (GERD) Built over 12 years, from 2011 to 2023, it has an installed capacity of 5.51 gigawatts, and will not only supply power to Ethiopia but will also make Ethiopia a net exporter of power to neighbouring nations like Kenya Funding? To fund this massive project, which costs about $5 billion, Ethiopia was forced to look inward due to significant opposition from Egypt, which argued that the dam would restrict the flow of the Nile River to Egypt. Egypt relies on the Nile for 90% of its water. Thus, Egypt pressured international donors not to fund the project Thus, the government of Ethiopia was forced to look inward and tax its local institutions. The Central Bank issued "Renaissance Bonds" to Ethiopians in the diaspora and at home. Civil servants donated a part of their paychecks via direct debit, and these bonds were sold as a patriotic effort. In terms of numbers, the E...