Egypt approves of Ethiopia’s Renaissance Dam in principle and will buy Electric!!

Sun 5/15/2011-Egypt has in principle approved the Renaissance Dam that Ethiopia intends to build on its borders with Sudan this year, according to an official source.The source added that Prime Minister Essam Sharf and his Ethiopian counterpart have agreed that an Egyptian technical committee examine the blueprints of the dam, so as to determine whether it would adversely affect Egypt’s Nile water quota, and that Egypt might participate in the construction of the dam, which is expected to cost around US$4.7 billion.

An agreement has also been reached by which Egypt and Sudan will buy electricity from Ethiopia’s power station in Mendaya, which has the capacity to provide 1200 megawatts to Sudan and another 2000 to Egypt. A related agreement allows for Egypt to import a large number of Ethiopian livestock.

“More than 30 Egyptian companies have already asked to import meat from Ethiopia due to its high quality and low price,” said Ayman Eissa, head of the Egyptian-Ethiopian Business Council.

He added that Egypt aims to link its economic development to that of Ethiopia, in order to avoid unilateral projects that would harm the interest of either countries.

(Source Almasryalyoum.com)