China Eximbank to loan Ethiopia $466.4 million for Geba 1 and 2 Hydroelectric Complex Project

China Eximbank to loan Ethiopia $466.4 million for Geba 1 and 2 Hydroelectric Complex Project In September 2014, the Ethiopian Electric Power signed a contract agreement with the joint venture of Sur Construction of Ethiopia, Sinohydro Corporation, and China Gezhouba Group Company (CGGC) for the construction of the 385-MW Geba 1 and 2 hydroelectric complex on the Geba River in western Ethiopia.

Sur Construction holds a 25% share, Sinohydro holds a 40% share, and CGGC holds a 35% share.

Under the Geba agreement, Sur is to carry out 25 percent of the construction, with the remaining 75 percent divided among all three companies in cooperation.

The contract agreement however, is conditional upon the signing of a loan agreement between the Chinese government and Ethiopian government. Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.