Latest news with #EgyptGovernment
The National
03-07-2025
- Politics
- The National
Ethiopia says building of controversial Nile dam that began in 2011 now complete
Construction of Ethiopia 's controversial Nile dam is complete and Egypt and Sudan, downstream nations that vigorously opposed it, are invited to its inauguration ceremony, Prime Minister Abiy Ahmed said on Thursday. Egypt and Sudan have opposed the hydroelectric $4 billion Grand Ethiopian Renaissance Dam (Gerd) since construction began 14 years ago. Egypt is concerned that the dam on the Blue Nile, the larger tributary, could reduce its share of the river's water which provides almost all of its freshwater needs. It has called the dam an existential threat, arguing that any drop in its water share will wipe out millions of farming jobs and ruin its delicate food balance. Sudan is alarmed that any structural damage to the dam would leave large parts of the country underwater. It has also complained that Addis Ababa was not sharing data on the dam's operation. The two countries, which have yet to comment on Mr Abiy's announcement, have engaged in years of fruitless negotiations with Ethiopia to reach a legally binding agreement on the filling and operation of the dam. Their criticism of Addis Ababa over the Gerd has been toned down in the past two years. Sudan has been mired in a devastating civil war since April 2023, while Egypt has not felt any impact from the filling of the dam, thanks to plentiful rain on the Ethiopian highlands that have kept the Nile bountiful. With the reservoir now filled to capacity, Egypt's main concern now is how much water Addis Ababa will allow to flow downstream during severe drought. "The Grand Ethiopian Renaissance Dam is now complete and we are preparing for its official inauguration," Mr Abiy wrote on X on Thursday. "While there are those who believe it should be disrupted before that moment, we reaffirm our commitment: the dam will be inaugurated. To our neighbours downstream – Egypt and Sudan – our message is clear: the Renaissance Dam is not a threat but a shared opportunity." Ethiopia has maintained that the dam does not pose a threat to anyone and is vital for its own development. It has said electricity generated by the dam would be available to neighbouring nations, including Sudan. The dam, which stands near the Sudan border, began producing power in 2022 and is expected ultimately to create more than 6,000 megawatts of electricity – double Ethiopia's current output and enough to make the East African nation of 120 million people a net energy exporter. Mr Abiy said the dam was a symbol of regional co-operation and mutual benefit. "Ethiopia remains committed to ensuring that our growth does not come at the expense of our Egyptian and Sudanese brothers and sisters," he said. "Ethiopia remains ready and willing to engage constructively with downstream countries. We extend an open invitation to the governments and peoples of Egypt, Sudan and all Nile Basin nations to join us in celebrating this historic milestone – Ethiopia's Renaissance – in September."
Zawya
12-06-2025
- Business
- Zawya
Egypt to issue $1bln Islamic bonds for Kuwait: report
Egypt intends to issue $1 billion sovereign sukuk (Islamic bonds) to be confined to Kuwaiti investors as part of a bilateral agreement to boost Kuwaiti investments in the country, a Saudi newspaper has reported. Asharq Business, quoting three unnamed officials in Egypt and Kuwait, said the bonds would be issued for a three-year term and semi-annual return. The paper said the plan to issue such bonds was preceded by Cairo's decision this week to allocate 174 square kilometres of land on the Red Sea coast to the finance ministry for use in Islamic bond issuances and in efforts to lower the public debt. The report said the decision was published in the official gazette, which did not elaborate on how the land would be used. 'This step is essential within the structure of the sukuk issuance, as Islamic Sharia requires that sukuk be linked to real assets, unlike conventional bonds, which are not necessarily based on tangible assets,' Asharq said. It quoted a Kuwaiti official as saying the $1 billion sukuk issuance is part of an agreement with Kuwait, which is represented by the Kuwaiti Finance House, adding that the bonds would be 'confined to Kuwait and would not be issued in the global market.' 'The agreement for this issuance was reached after Egypt made a formal offer to Kuwait in May to invest $1 billion in three-year international sukuk, to which Kuwait responded positively,' the paper said. In an earlier report, the daily said Egypt has selected five banks, including three Gulf financial institutions, to act as intermediaries and lead advisors for a sukuk issuance estimated at $one billion to $1.5 billion in the second quarter of 2025. They include HSBC, Citibank besides Dubai Islamic Bank, First Abu Dhabi Bank, and Abu Dhabi Islamic Bank (ADIB). Press reports said last month that Egypt is aiming to attract $6.5 billion in new Kuwaiti investments by the end of 2026, with $4 billion expected to be secured within 2025. (Writing by Nadim Kawach; Editing by Anoop Menon)
