Inauguration of Gibe III would boost investment: Commission

 

The Ethiopian Investment Commission (EIC) said on Saturday that the completion of the Gibe III hydropower project with installed power generation capacity of 1,870 Megawatt is a boost to investment in Ethiopia.

The renewable power project accelerates the expansion of large scale manufacturing industries as it avails additional power, hence addressing the growing power demand in the country, according to Fitsum Arega EIC Commissioner.

In an exclusive interview with ENA following the inauguration of the project that ran for the past 10 years, Fitsum said such projects with advanced technologies will bring relief to the growing demand for power and position Ethiopia as investment hub.

He said the project is implemented in line with Ethiopia’s long term policy of green and responsible development.

The cost of electricity in countries such as Vietnam, Cambodia, and Bangladesh, which compete against Ethiopia in the textile sector, is four times higher than the cost in Ethiopia, the Commissioner noted.

This, he said, creates an additional opportunity for the country in terms of availability and reliability of power for investors.

The need for power in Ethiopia has, on average, been growing at a rate of 25 to 30 per cent annually.

Source: ENA