The emotional and deeply patriotic tide following the announcement of the mega power project, the renaissance dam, seems to be channeling into a more structured mode. Scattered yet passionate pledges and contribution to live up to the 80 billion birr cost of the dam project are starting to take shape after the establishment of the renaissance dam national council.
In the past few months, the council is following a sector-by-sector approach to solicit financial resources. Hence, it was the turn of the real-estate developers to raise the money on Thursday. Some 53 real-estate developers, albeit initial plans to raise 200 million birr in bond sales, had to settle for 121 million.
At a lavish dinner gala held at the Hilton Hotel, Gebreyesus Egata, owner of Gift Real Estate and coordinator of the group, said some 40 of the real-estate developers pledged to buy bond ranging from 10 million birr to 100,000. “Had it not been for the fact that most of the industry players are also present in the construction sector, we could have made it, “said Gebreyesus. However, the facial expressions of top officials in attendance seems to suggest the contrary; gratefulness.