Incommensurable Option for $500

We Ethiopian Diaspora have reached in a critical time to divulge whether we are part of distraction or development. Recently we got a call from the anti development and unity group G7, who fraternize with all historic enemies of Ethiopia, sectarian and separations like OLF and ONLF and above all with the man on horseback, Isayas, who is reluctant to see a stable, united and auspicious Ethiopia, to contribute $500 for accomplishing their peccant dreams.

As you all may know, G7 leaders had annunciated an armed struggle against the current Ethiopian government and plighted to their supporters that they are going to over through it within 6 months, to up rear the moral and emotion of the blind hate monger supporters. /actually the maturity period of the promise has expired long time ago and it will never ever be matured in the future.

By now, my readers might infer what I want to bring forth. Being part of this group meant, directly or indirectly to be part of distraction for the following reasons

1, War usually reduces a country's capacity for steady growth; war clearly disrupts ‘normal’ economic activity

2. Human casualties and the value of productive assets destroyed and damaged by enemy action is high

3, Epidemics, famines, and death rates increases among national populations

4. Wars have profound influences on the political, social, and economic development of nations

5. It undermines the cultural norms of trust and tolerance which underlie democracy

6, It denies civil society to be the primary contributor to the expansion and consolidation of democracy since Violence tends to concentrate power.

Diametrically, we have got a national call from Ethiopian Electric Power Corporation (EEPCo) a company which is responsible for power Generation, Transmission, distribution and Sales of Electricity all over the nation, to buy a Bond for the same amount which is $500 with an interest rate 4%-4.5% depending on the maturity date.

For simplicity, I would like to intimate what Bond meant. ” A bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest (the coupon) and/or to repay the principal at a later date, termed maturity. It is a formal contract to repay borrowed money with interest at fixed intervals”

Recognizing the importance of power in supporting social and economic growth and in meeting poverty alleviation, the government has placed increased emphasis on improving the quality and size of power generating and distribution capacity.

Total existing EEPCo’s generation installed capacity is 814.14MW and starting from 2004/05- 2009/10 the following power plants will come in to the system

Tekeze Hydro Electric Power Plant: 300MW and 971GWh

Gilgel Gibe II, Hydro Electric Power Plant: 420MW and 1600GWh

Amerti Neshi: 100MW and 215GWh

Wind park: 120MW

Beles: 460MW and 1540GWh

Gibe III: 1870 MW

                                                                               Total 3941 MW

Start building new generating stations in order to avoid possible energy shortfall in the midterm build new smaller power plants with short lead- time like Halele 100MW, Werabesa 340MW, Chemoga Yeda 278MW, Gojeb 150MW, Tekze II 450MW and Gibe IV 1900MW.

Total 3218 MW. Within the next ten years EEPCo will have 7159MW capacity.

Hence, Ethiopia has a potential for water and electricity service expansion, it is crystal clear that Ethiopia will be cited as an appealing private equity destination in the world.   To keep our ambition to be at the wheel of development, besides to the effort of the government and some International Development Agency, the active participation of Ethiopian Diaspora in engaging directly in Building such infrastructure is a historical obligation and imperative. After all, this is a right time to prove that we have a direct link up with our people back home by supporting or funding all projects to be accomplished on time as planned and contribute some thing to the well-being of our society. While foreign banks are providing less than one percent interest rate due to the financial crises encountered, by buying EEPCO’s bond, one can benefited an interest rate which is beyond higher than the interest rate of foreign banks and above all there is also a Moral and mental satisfaction which can’t be measured in any scale of measurement.

Conclusively, I advice my fellow citizen to tie there bond with their people by buying the bond and be part of development instead of part of distraction. political parties will pass but Ethiopia will remain forever and by putting aside our political differences we have to stand together hand in hand to change the face of mother Ethiopia so as to proud profoundly in all dimension .Country first!!!!

Seyfgebreal

02/20/09

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