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Addis Ababa: Ethiopia inaugurated on Friday a €1.5bn ($1.57bn) hydropower plant along the Omo River in the country’s south that will nearly double total electricity output to 4,238MW. With a capacity of 1,870MW, Gilgel Gibe 3 – built by Italian construction firm Salini Impregilo SpA – is expected to boost the Horn of Africa country’s nascent manufacturing sector as well as electricity exports to neighbouring nations.
Work on the plant began in 2006 but its completion was delayed partly due to funding constraints.
In the end, China’s Export-Import Bank stepped in to fund 60 percent of costs via a loan while the government covered the remaining amount.