ADDIS ABABA – The Abbay Dam Construction Coordination Office has called for improved financial contributionsfrom the public as the mega project approaches completion.
During a financial mobilisation meeting held yesterday with financial institutions, the Office’s Director General, Aregawi Berhi (PhD), announced that 97.6 percent of the dam is finalized.
However, he emphasized that the final stages require costly machinery and inputs, necessitating significant foreign currency.
Highlighting the dam’s symbolic and practical importance, the Director General urged for collective efforts to finalize the project and make all turbines operational.
The Office expects 60 million Birr in new contributions and 50 million Birr in reinvested bonds from banks, insurance companies, and microfinance institutions, he stated.
The National Bank of Ethiopia Deputy Governor, Solomon Desta stressed the pivotal role of financial institutions in supporting the project.
The dam is a symbol of Ethiopian resilience and self-reliance. Farmers and pastoralists have made heart-warming contributions, and financial institutions must now step up to meet their responsibilities, he emphasized.
Since the dam is Ethiopia’s flagship project, it has relied on huge financial and technical support from the public, Solomon stated.
At this time, in its final stages, the project requires coordinated collective efforts to fulfil remaining costs and realize the vision of a fully operational dam that underscores Ethiopia’s capability and sovereignty, the Deputy Governor said.
The financial mobilisation meetingwas attended by 32 banks, 18 insurance companies, and 34 microfinance institutions.
BY YESUF ENDRIS
THE ETHIOPIAN HERALD SATURDAY 11 JANUARY 2025
