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The Ethiopian Commercial Bank has provided more than 149.8 billion birr in financing for the Great Renaissance Dam

It was announced that the Commercial Bank of Ethiopia has provided more than 149.8 billion birr in financing for the Great Renaissance Dam.

This was announced today at the launch of the public mobilization and resource mobilization program that the Great Renaissance Dam Coordination Project Office is conducting with stakeholders.

Abe Sano, president of the Commercial Bank of Ethiopia, who was present at the event, said that the bank is working hard to gather resources and reinvest them in important projects for the development of our country.

He said that out of the 425.2 billion birr provided by the bank for issues related to power generation until July 31, 2022, more than 149.8 billion birr has been spent on the Great Renaissance Dam.

In addition to the financial provision made by the bank, Abe also stated that a lot of money has been collected from the sale of bonds and donations in the country and abroad and used for the construction of the dam.

Mr. Abe recalled that the bank recently bought a 200 million birr bond in his name, and the bank’s employees also bought more than 19.7 million birr bonds to speed up the construction.

According to the information we received from the Commercial Bank of Ethiopia, Mr. Abe assured that the bank will continue to work with determination until the completion of the project.

The General Manager of the Great Renaissance Dam, Eng. Khifle Horo, who was present at the event, said that 87.3 percent of the dam’s construction has been completed, and the remaining works are being completed within two years.

The engineer said that more than 175 billion birr have been spent in the construction process so far, adding that 55-60 billion birr will be needed to complete the rest.