Egyptian billionaire Naguib Sawiris has once again refuted the rumors about him funding the Ethiopian Renaissance Dam in return for gold exploration rights in Ethiopia.
The billionaire’s photo with Ethiopia’s Prime Minister Abiy Ahmed went viral in Egypt, sparking intense debates on the social media platform X (formerly Twitter) with claims that he contributed $200 million to support the construction of the controversial Ethiopian Dam. It was alleged that in return, Ethiopia allowed him to prospect for gold in the country.
Naguib was forced to defend himself on his X handle stating, “I responded 100 times.. I have no mines in Ethiopia, nor any relation to the dam”. Regarding the photo, he said, “The photo is old. The man was still newly elected, before the disagreements with us (Egypt) over the dam.”
This was not the first time the billionaire was accused of funding the Ethiopian dam. Back in June 2023, a similar debate was sparked by an X account user, ‘Asirasourat’ who posted the same photo with the caption, “Did you know, dear ignorant citizen, that Sawiris’ companies are among the companies that contributed to building the Renaissance Dam in the name of business?”
At the time, Sawiris responded on his X platform, “A lie, of course, and the question itself is shameful! The photo is real, but from 6 years ago!”
Ethiopia’s controversial dam
The Grand Ethiopian Renaissance Dam (GERD) has been a source of tension over water quotas between Ethiopia on the one hand and Egypt and Sudan on the other.
The Nile is crucial for Egypt’s water needs, and the filling of the dam is seen as a major risk that could lead to a significant decrease in water flow downstream.
In December 2023, Egypt announced yet another breakdown in negotiations, as Ethiopia remained adamant about filling the dam despite numerous unsuccessful mediation efforts.
Weeks ago, Ethiopia started the fifth filling of the dam, storing an extra 23 billion cubic meters of Nile water. This is on top of the 41 billion cubic meters held back in the previous four stages, causing official protests from Egypt and Sudan.
Expected to generate 6,450 MW at its optimal, the GERD is the biggest hydroelectric power plant in Africa and among the largest globally.
Operated by the Ethiopian Electric Power Company, the 145m tall concrete dam will flood 1,874 km2 at a normal pool elevation of 640m.
With a volume of 74 km3 (of which 14.8 km3 is dead storage), the reservoir can hold about 1.6 years’ worth of average flow of the Blue Nile at the El Diem gage station, just shy of Ethiopia’s border with Sudan.
