ADDIS ABABA (HAN) March, 11.2016. Public Diplomacy & Regional Security.BY: ZELALEM GIRMA Researches indicate that the Grand Ethiopian Renaissance Dam has been playing indisputable role in developing the saving culture of the society and speeding up the overall national economic development. The researches highlighted the trend of total revenue generated through different self-financing strategies, and the role of local and diaspora community contributions for GERD construction.
Opening a Consultative Workshop on “The role of the Grand Ethiopian Renaissance Dam for Ethiopian Renaissance, and developing saving culture in Ethiopia,” Minister of Communication and Information Technology and Finance and Economic Cluster Coordinator with the rank of Deputy Prime Minister Dr. Debretsion Gebremichael said yesterday that GERD has been the reason for developing saving culture and paving the road for national growth. “GERD is a place where our fingerprint has been put and a symbol for our renaissance,” he added.
Presenting a research paper, Bahir Dar University Economics Department Assistant Professor Dr. Ermias Ashagre said that GERD introduced new ways of mobilizing domestic resources such as diaspora and Renaissance Dam bonds and SMS lottery to involve citizens in the construction of the Dam. The GERD has also instilled a sense of ownership in citizens on this potentially rewarding project. Hundreds of thousands of Ethiopians visited the construction site since its launch five-years back, he added.
The dam has also introduced a new work culture in which workers engage themselves 24 hours in the construction work under three shifts, he said.
Regarding the fund mobilized for financing the GERD, Jimma University, Business and Economics College Dean Dr. Wondaferahu Mulugeta said that the government is financing the GERD through domestic resources mobilization and attracting the diaspora community. Nearly 7.6 billion Birr has been raised from employees contribution, direct bond sale, and donations so far. According to him, about 3.46 billion birr was raised from employees contribution and 4.02 billion Birr from direct bond sale at home and abroad.
Similarly, Civil Service University Income Tax and Customs Administration Institute Assistant Professor Dr. Abdu Muhammed said that employees have made the lion’s share contribution in bond purchase.