Nile Insurance Company Purchases 12 Mln Birr Bond to Finance Construction of GERD


Addis Abeba July 28/2020 (ENA) Nile Insurance S.C has purchased today additional bonds worth 12 million Birr to help finance the construction of the Grand Ethiopian Renaissance Dam (GERD). 

The Chief Executive Officer of the Company, Yared Molla said on the occasion that the Company had purchased a total of 51.2  million Birr worth bonds in six rounds.

Today’s bond is the 7th round of purchase that brings the total amount of contribution so far made by the company to 63.2 million Birr.  

Expressing his joy over the successful completion of the first year filling of the GERD, the CEO called on all Ethiopians to continue their unreserved support to the realization of the dam as it is “the symbol of national unity and pride.”

He has also affirmed his company’s readiness to further continue supporting the construction of the dam till its completion.

Deputy General Director of the Office of National Council for the Coordination of Public Participation on the GERD, Fikrte Te’amr on her part commended the company for its support and capitalized on the need for a strong collaboration among all Ethiopians, financial institutions and other stakeholder to make the dam a reality.  

Deputy Governor of the National Bank of Ethiopia, Solomon Desta urged other financial institutions to take similar measures as purchase of Bonds is crucial to enhance the financial needs of GERD at this critical time.

The Office of National Council for the Coordination of Public Participation on the Construction of the Grand Ethiopian Renaissance Dam also gave certificate of appreciation for the company and other individuals who have purchased bonds and made donation.

Ethiopians have so far contributed over 13 billion birr for the dam, which is being constructed entirely with domestic funds.  

The dam, whose construction has now reached more than 74 percent, upon completion is expected to play an enormous benefits to the development of Ethiopia and neighboring nations, it was indicated.