June 20, 2024

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CBE Urges Ethiopian Diaspora to Donate for GERD

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The Commercial Bank of Ethiopia has launched an innovative platform called “itsmydam” to facilitate donations from Ethiopians living overseas and those of Ethiopians born abroad towards the construction of the Grand Ethiopian Renaissance Dam GERD.

At the start of May 2024, the Office of the National Council for the Coordination of Public Participation in the Construction of the Grand Ethiopian Renaissance Dam shared that in the last nine months, Ethiopia collected more than 1.1 billion birr to complete the construction of the Grand Ethiopian Renaissance Dam GERD.

Through the EthioDirect mobile app, available on both Google Play and Apple App Store, donors can easily contribute any amount between $5 to $1000 by selecting the “itsmydam” option and making payments securely using their Mastercard or Visa credit cards.

Reportedly, the amount of money collected from the Ethiopian diaspora for the Great Renaissance Dam project is only 1.4 billion birr. This figure represents merely 0.5% of the total project cost. It was mentioned that this contribution from Ethiopians living abroad is relatively small considering the large number of Ethiopians in the diaspora.

Additionally, individuals and organizations can support the dam project by conducting fundraising campaigns through the dedicated website, itsmydam.com. After donating, contributors will receive a certificate via email as an acknowledgment of their support.

This initiative provides a convenient and accessible way for the global Ethiopian diaspora to actively participate in and contribute to this important national cause. By supporting the dam’s construction, Ethiopians abroad can play a meaningful role in shaping their country’s future and ensuring a sustainable water supply for generations to come.

You have the option to download the EthioDirect mobile application from either the Play Store or the App Store, depending on your device:

For Android phones, you can find the app at: https://play.google.com/store/apps/details?id=com.combanketh.ethiodirect&pcampaignid

For Apple phones, the app is available at: https://apps.apple.com/us/app/ethiodirect/id1602064491

The authorities announced that the Commercial Bank of Ethiopia provided loans and grants that covered over 95% of the total cost for constructing the Great Ethiopian Renaissance Dam. GERD is Africa’s largest hydroelectric power project. For the last ten years, Ethiopia has been building this dam on the river Nile in the Benishangul Gumuz region of Ethiopia.

The project manager of the Great Renaissance Dam, Engineer Khifle Huro, stated that 96 percent of the total work on the dam has been completed. He explained that once the project is fully completed, the total cost will reach 241 billion birr and 192 billion birr have been spent on the construction of the dam. The remaining work is scheduled to be finished by the end of next year (2017).

The Commercial Bank of Ethiopia provided a substantial loan amounting to 136.7 billion birr to finance the Great Renaissance Dam project. In addition to the loan, the bank raised more than 9.6 billion birr by selling Renaissance Dam bonds.

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