The Ethiopian Investment Commission (EIC) said the completion of Gibe III hydro-power project with installed power generation capacity of 1,870 MW would boost investment inflow to Ethiopia.
The renewable power project accelerates the expansion of large scale manufacturing industries as it avails additional power addressing the growing demand in the country, according to Commissioner Fitsum Arega.
Following the inauguration of the project undertaken last 10 years, Fitsum said such projects with advanced technologies would bring relief to the growing demand for power while positioning the country as investment hub, according to Ethiopian Broadcasting Corporation.
He said the project has been implemented in line with Ethiopia’s long-term policy of green and responsible development.
According to Fitsum, the cost of electricity in countries such as Vietnam, Cambodia, and Bangladesh, which compete with Ethiopia in the textile sector, is four times higher than the cost here, 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 the average, been growing at a rate of 25-30 percent annually.
[All Africa]