Ethiopia to Raise $58m for Africa's Biggest Hydroelectric Plant
Ethiopian authorities have announced plans to raise 1.8 billion Birr (about $58 million) for the construction of the Ethiopian Grand Renaissance Dam (GERD).
The Office of the National Council for the Coordination of Public Participation for the GERD’s construction said the government plans to raise the money this fiscal year, the Ethiopian Herald reported.
Funds for the 6,000 MW dam, which would be the biggest hydroelectric plant in Africa upon completion, will be raised through the sale of bonds, the lottery, music, sports, and exhibitions.
In June, Ethiopian officials announced the winners of the GERD Lottery, which was created to allow Ethiopians to contribute to the dam’s construction.
The winner of the first prize received 10 million Birr (over $450,000) while the second winner received 5 million (about $228,000), Awramba Times reported.