logo
Ethiopia's mega dam on the Nile 'now complete': PM

Ethiopia's mega dam on the Nile 'now complete': PM

Yahoo19 hours ago
Ethiopia's Prime Minister Abiy Ahmed on Thursday said a multi-billion-dollar mega-dam on the Blue Nile that has long worried neighbouring countries is complete and will be officially inaugurated in September.
The Grand Ethiopian Renaissance Dam (GERD), launched in 2011 with a $4-billion budget, is considered Africa's largest hydroelectric project stretching 1.8 kilometres (just over one mile) wide and 145 metres (475 feet) high.
Addis Ababa says it is vital for its electrification programme but it has been a source of tensions with downstream nations Egypt and Sudan who worry it will affect their water supply.
Speaking in parliament, Abiy said GERD "is now complete, and we are preparing for its official inauguration".
"To our neighbours downstream -- Egypt and Sudan -- our message is clear: the Renaissance Dam is not a threat, but a shared opportunity," he added.
"The energy and development it will generate stand to uplift not just Ethiopia."
Ethiopia first began generating electricity at the project, located in the northwest of the country around 30 km from the border with Sudan, in February 2022.
At full capacity the huge dam can hold as much as 74 billion cubic metres of water and could generate more than 5,000 megawatts of power -- more than double Ethiopia's current output.
The east African country is the second most populous on the continent with a rapidly growing population currently estimated at 130 million and has growing electricity needs.
Around half the population lives without electricity, according to estimates earlier this year by the World Bank.
- Opposition -
Egypt and Sudan have voiced concerns about GERD's operation without a three-way agreement, fearing it could threaten their access to vital Nile waters. Negotiations have failed to make a breakthrough.
Egypt, which is already suffering from severe water scarcity, sees the dam as an existential threat because it relies on the Nile for 97 percent of its water needs.
But Abiy said Addis Ababa is "willing to engage constructively", adding that the project will "not come at the expense" of either Egypt or Sudan.
"We believe in shared progress, shared energy, and shared water," he said.
"Prosperity for one should mean prosperity for all."
The position of fragile Sudan, which is currently mired in a civil war, has fluctuated in recent years.
tfg-dyg/mnk/er/kjm
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Tears of the UK's treasury chief spooked financial markets
Tears of the UK's treasury chief spooked financial markets

Yahoo

time33 minutes ago

  • Yahoo

Tears of the UK's treasury chief spooked financial markets

LONDON (AP) — The weekly session in which the British prime minister is questioned by lawmakers in Parliament can be an ordeal for the government leader. For Cabinet members, it's usually simply a matter of backing their boss. But on Wednesday the spotlight ended up on Chancellor of the Exchequer Rachel Reeves during the Prime Minister's Questions session because it became evident that she was crying as she sat beside Prime Minister Keir Starmer. It's not known what triggered the tears, later said to have been personal. They came as Starmer sought to fend off attacks that his year-old government was losing its authority and that he was about to fire Reeves to regain the initiative. Markets spooked Traders got spooked, with the interest rate charged on the U.K.'s 10-year benchmark bond in the markets up sharply, and the pound down. The moves were a sign investors had lost confidence in U.K. financial assets. Reeves had become associated with fiscal discipline, in particular a rule of covering day-to-day government spending with tax revenue, said Andrew Wishart, an economist at Berenberg Bank. 'The markets are concerned that if the Chancellor goes, such fiscal discipline would follow her out of the door," he added. With Starmer insisting Thursday that Reeves would remain in post, the markets calmed down. Prime minister's weekly ordeal Prime Minister's Questions, or PMQs, can come as close to a gladiatorial contest as is possible in a modern legislative chamber. Very little deference is given to the man or woman holding the highest office in the land. The prime minister is considered the first among equals. Like all other members of Parliament, the prime minister represents one of 650 constituencies. And nowhere is that shared connection more noticeable than at noon every Wednesday in the House of Commons. Starmer stands for half an hour every week to be quizzed by friends and foes. He may get soft balls, but there's always a potential zinger around the corner. The leader of the biggest opposition party, currently the Conservative Party's Kemi Badenoch, has the best chance to knock the prime minister off course. With six questions, she can lay traps and go for the jugular. Typically it's more theater than substance, and the weekly shouting match is consistently the most-watched parliamentary event, viewed around the world, including on C-Span in the United States. This week was fraught This week's session appeared to have more at stake than usual following a chaotic run-up to a welfare reform bill. With scores of Labour lawmakers opposed, Starmer was forced to scrap key planks of the bill — at a cost, politically and economically. For a prime minister, with one of the biggest majorities in history, it was a sign of weakness. Many Labour MPs blame Reeves, for her rigid adherence to her budget rules. As usual, Starmer was flanked to his left by Reeves, who didn't look her usual self, clearly bloated around the eyes. Badenoch showed little mercy, describing Reeves as 'absolutely miserable' and a 'human shield' for Starmer. She asked Starmer whether he could repeat a pledge that Reeves would stay in her post until the general election, which has to take place by the middle of 2029. While praising Reeves' handling of the economy, Starmer didn't give that assurance, and it was around this point that Reeves wiped away a tear. 'How awful for the Chancellor that he couldn't confirm that she would stay in place," Badenoch responded. The immediate political aftermath Starmer's Downing Street operation faced questions over Reeves' teary appearance. Could it have been hay fever? Had Starmer told Reeves she would be fired for the government's recent woes, which has seen Labour's approval ratings slide? Starmer's press spokesman said it was a 'personal matter,' insisted Reeves was 'going nowhere' and had the prime minister's 'full backing.' Later, Starmer told the BBC that Reeves would be Chancellor for a 'very long time' and that it was 'absolutely wrong' to suggest her distress was related to the welfare U-turn. A day on Images of Reeves' agitated state were emblazoned across newspapers and remained a key item on the news agenda. Starmer repeated on Thursday that Reeves would remain Chancellor 'for years to come" and sought to explain why he hadn't comforted Reeves during PMQs. 'In PMQs, it is bang, bang, bang," he said at an event where he and Reeves hugged. "That's what it was yesterday and therefore I was probably the last to appreciate anything going on in the chamber.' Reeves appeared more like her usual self. 'People saw I was upset, but that was yesterday," she told Sky News. 'I guess the thing that is different from my job and many of your viewers is that when I'm having a tough day, it's on the telly.' Sign in to access your portfolio

Why Labour's Budget Politics Makes Reeves Miserable
Why Labour's Budget Politics Makes Reeves Miserable

Bloomberg

time3 hours ago

  • Bloomberg

Why Labour's Budget Politics Makes Reeves Miserable

The tears that fell from UK Chancellor Rachel Reeves' eyes during Prime Ministers Questions in the House of Commons Wednesday were so unexpected it was hard to trust one's own. We've all been emotional at inconvenient moments, perhaps even cried at work or in public. But when the teardrops are those of the finance minister of the world's sixth-largest economy, whose visible distress can move markets, it's more than a 'tough day,' as she described it yesterday. Reeves and her boss, Prime Minister Keir Starmer, must now get a grip on both their personal relations and the politics of leading their year-old government.

Iron Ore Gets Second Weekly Boost on Hopes of Supply-Side Reform
Iron Ore Gets Second Weekly Boost on Hopes of Supply-Side Reform

Bloomberg

time3 hours ago

  • Bloomberg

Iron Ore Gets Second Weekly Boost on Hopes of Supply-Side Reform

Iron ore headed toward the highest close since May as China 's renewed focus on supply-side reform lifted expectations for the country's steel market. Futures of the steel-making ingredient were on course for a second weekly gain as prices rose back above $96 a ton. Beijing's top leaders this week vowed to curb outdated industrial capacity, which could boost prices of raw materials due to the potential positive impact for steel-mill margins.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store