(Mar 07, 2015, (CNN))--It's called the Grand Renaissance Dam -- and the clue is in the name. With some 8,500 laborers working around the clock on its construction, the imposingly-named dam is surely one of Africa's most ambitious infrastructure projects, reaffirming Ethiopia's ambitions of becoming a big regional player and a major exporter of power.
When completed, the project will generate around 6,000 megawatts of electricity for both domestic use and exports. The most striking aspect of the nearly $5 billion enterprise is, however, that it is entirely funded by Ethiopia, without any foreign investment.
According to the authorities, 20% of the project is financed from bond offerings to Ethiopians, and the remaining 80% from tax collection. "It was seen as a strategically important initiative that the government and the Ethiopian people are financing it 100%," says Zemedeneh Negatu, managing partner at Ernst & Young Ethiopia.
"They have come up with a very creative and innovative way that I think will be a lesson for other African countries who want to embark on such large infrastructure projects, and want to have the flexibility to do it themselves," he adds. Read more from CNN »
 |
Ethiopia's $5bn project that could turn it into Africa's water powerhouse - CNN Photo By William Lloyd-George
|
According to the authorities, 20% of the project is financed from bond offerings to Ethiopians, and the remaining 80% from tax collection. "It was seen as a strategically important initiative that the government and the Ethiopian people are financing it 100%," says Zemedeneh Negatu, managing partner at Ernst & Young Ethiopia.
"They have come up with a very creative and innovative way that I think will be a lesson for other African countries who want to embark on such large infrastructure projects, and want to have the flexibility to do it themselves," he adds. Read more from CNN »
No comments:
Post a Comment