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98 million birr has been spent on Nile dam project so far

The Ethiopian Grand Renaissance Dam, which is said to be the largest project in Ethiopia has been in construction since 2011. The dam was estimated to need $4.8 billion in construction cost. But there had been reports the construction process is not going as planned. METEC, the military-run industrial corporation which had been working on the dam has been accused of embezzling billions from the project. Senior officials of the corporation have been arrested including the former director Major General Kinfe Dagnew suspected of corruption. The dam originally scheduled to be finished in 2017 has been postponed to 2022 due to delays in the electro-mechanical work. The most ambitious project of the country reportedly cost more than 98 million Birr so far, and the construction is far from being completed. It is expected to be the largest hydroelectric power plant in Africa generating 6.45 Gigawatts. It was to remember that through local and Diaspora public involvement in financing by participating in the bond market and lotteries, hundred and millions of birr has been collected.