The Dam will greatly reduce the problems of silt and sediment that consistently affect dams in Egypt and Sudan. This has been a particularly acute problem at Sudan's Fosseiries dam which has been experienced reduction in output. When the Millennium Dam becomes operational, communities all along the riverbanks and surrounding areas, particularly in Sudan, will be permanently relieved from centuries of flooding. These countries will have the opportunity to obtain increased power supplies at competitive prices. The Millennium Dam will increase the amount of water resources available, reducing the wastage from evaporation which has been a serious problem in these countries. It will in fact ensure a steady year-round flow of the Nile. This, in turn, should have the potential to amicably resolve the differences which currently exist among riparian states over the issue of equitable utilization of the resource of the Nile
In other words, the Millennium Dam will not only provide benefits to Ethiopia. It will also offer mutually beneficial opportunities to Sudan and to Egypt. Indeed, one might expect these countries to be prepared to share the cost in proportion to the gains that each state will derive. On this calculation, Sudan might offer to cover 30 per cent and Egypt 20 per cent of the costs of the entire project. Unfortunately, the necessary climate for engagement, based on equitable and constructive self-interest, does not exist at the moment. Indeed, the current disposition is to make attempts to undercut Ethiopia's efforts to secure funding to cover the cost of the project. We have, in fact, been forced to rely on our own savings alone to cover the expense.
The estimated cost will be 3.3 billion Euros, or 78 billion birr. As we will be financing several other projects in our plan, the expense will be an additional and heavy burden on us. All our efforts to lighten this have been unsuccessful, leaving us with only two options. Either to abandon the project or do whatever we must to raise the required funds. I have no doubt which of these difficult choices the Ethiopian people will make. No matter how poor we are, in the Ethiopian traditions of resolve, the Ethiopian people will pay any sacrifice. I have no doubt they will, with one voice, say: "Build the Dam!"
National resolution may be indispensable, but it is not, however, sufficient. If we are to find development finance, we have to raise our financial weight by developing the culture of saving. The government will do everything possible to raise funds through increasing revenues and being careful of its expenditure. All the banks will be expected to actively promote and to accumulate savings. Importantly, the Ethiopian people will also be able to contribute their share in bringing the construction of this historic Dam to completion. To enable every Ethiopian to do this * the government has launched treasury bonds offering five per cent interest. Buying these bonds will allow all Ethiopians to benefit from the interest paid, and play their part in the completion of the construction of the Millennium Dam according to their income.