(Feb 15, 2013, Engineering News)--Fears that construction of a mega hydroelectric plant in Ethiopia could
stall owing to financial constraints have forced the authorities to
turn to desperate measures to raise funds.
To ensure implementation of the Grand Renaissance dam project remains on course, the Ethiopian government in now turning to options like musical concerts, a lottery and an SMS campaign to raise funds after global financiers gave the project a wide berth.
A senior official says govern- ment is hoping to raise over
$100-million through this strategy in the coming weeks to supplement
funds being raised from donations and the sale of government bonds to
finance the construction of the plant, which has a price tag of
$4.8-billion. The project will have an installed capacity of 5 250 MW.
“As a country, we are com- mitted to implementing this project and the response from ordinary Ethiopians has been unprecedented,” says Fekadu Ketema, head of communication at the National Secretariat, which is overseeing the implementation of the project.
However, the International Monetary Fund (IMF) has warned that mobilising large domestic resources and channelling them to one project could have dire effects on the economy. Read more from Engineering News »
To ensure implementation of the Grand Renaissance dam project remains on course, the Ethiopian government in now turning to options like musical concerts, a lottery and an SMS campaign to raise funds after global financiers gave the project a wide berth.
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| Grand Renaissance dam in Ethiopia |
“As a country, we are com- mitted to implementing this project and the response from ordinary Ethiopians has been unprecedented,” says Fekadu Ketema, head of communication at the National Secretariat, which is overseeing the implementation of the project.
However, the International Monetary Fund (IMF) has warned that mobilising large domestic resources and channelling them to one project could have dire effects on the economy. Read more from Engineering News »
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