1 00:00:02,480 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,680 --> 00:00:12,239 Speaker 2: Ethiopia has inaugurated a giant dam on the Nile River, 3 00:00:12,520 --> 00:00:15,680 Speaker 2: a huge feat of engineering that the region hopes will 4 00:00:15,720 --> 00:00:17,680 Speaker 2: address chronic energy shortages. 5 00:00:18,160 --> 00:00:22,040 Speaker 3: The Grand Ethiopian Renaissance Dam is not merely a national project. 6 00:00:22,880 --> 00:00:24,880 Speaker 3: It is a pan African statement. 7 00:00:25,520 --> 00:00:30,320 Speaker 4: It simplifies the scale and ambition of African lead infrastructure. 8 00:00:30,600 --> 00:00:34,360 Speaker 2: But the dam could spark further tensions with Egypt and Sudan, 9 00:00:34,600 --> 00:00:38,320 Speaker 2: who remain locked in a dispute with Ethiopia over management 10 00:00:38,360 --> 00:00:41,319 Speaker 2: of the river that provides fresh water to more than 11 00:00:41,400 --> 00:00:43,320 Speaker 2: one hundred million people. 12 00:00:45,479 --> 00:00:49,960 Speaker 3: Ethiopia built the Grand Ethiopian Renaissance Dam to bring prosperity, 13 00:00:50,400 --> 00:00:53,440 Speaker 3: lights up the region and change the history of black people, 14 00:00:54,000 --> 00:00:56,200 Speaker 3: not to harm any of our neighbors. 15 00:00:56,520 --> 00:01:00,320 Speaker 2: On today's episode of The Next Africa Podcast, look at 16 00:01:00,360 --> 00:01:03,240 Speaker 2: what this dam might achieve for the region and how 17 00:01:03,280 --> 00:01:10,120 Speaker 2: Ethiopia's dispute with its neighbors could play out. I'm Jennifer's 18 00:01:10,120 --> 00:01:13,600 Speaker 2: Abastaja and this is the Next Africa Podcast, bringing you 19 00:01:13,680 --> 00:01:16,880 Speaker 2: one story each week from the continent driving the future 20 00:01:16,920 --> 00:01:21,600 Speaker 2: of global growth with the context only Bloomberg can provide. 21 00:01:22,360 --> 00:01:24,600 Speaker 1: Before we get to our conversation this week. 22 00:01:24,680 --> 00:01:28,720 Speaker 2: Our Ethiopia correspondent Fasika tod Essay was at the inauguration 23 00:01:28,959 --> 00:01:30,640 Speaker 2: ceremony earlier this week. 24 00:01:31,040 --> 00:01:32,320 Speaker 1: Here's part of what she saw. 25 00:01:32,680 --> 00:01:35,960 Speaker 4: The dumm stunts about one hundred forty five meters high 26 00:01:36,480 --> 00:01:40,600 Speaker 4: and close to eighteen hundred meters long, featuring a concrete 27 00:01:40,760 --> 00:01:44,640 Speaker 4: gravity dumb design. The main and the suddle dumps have 28 00:01:44,720 --> 00:01:47,880 Speaker 4: been finished, and the installation of the thirteen turbines is 29 00:01:47,920 --> 00:01:52,680 Speaker 4: completed and now operational, generating a little over five thousand 30 00:01:52,720 --> 00:01:56,960 Speaker 4: megauto energy. The reserve has also captured seventy four billion 31 00:01:57,040 --> 00:02:01,240 Speaker 4: cubic meters of water, creating an artificial and I see 32 00:02:01,280 --> 00:02:05,040 Speaker 4: that the spillways are releasing water allowing to flow downwards. 33 00:02:06,280 --> 00:02:09,920 Speaker 2: Physica is joining me now along with Tarek Eltebloui from 34 00:02:10,000 --> 00:02:13,280 Speaker 2: our Cairo bureau. Thank you both for being here. Physica. 35 00:02:13,400 --> 00:02:16,480 Speaker 2: Let's just start with you. We heard your description there 36 00:02:16,520 --> 00:02:18,680 Speaker 2: of just how big this dam is. Maybe you can 37 00:02:18,680 --> 00:02:21,600 Speaker 2: tell us a bit about the project and just how 38 00:02:21,680 --> 00:02:23,440 Speaker 2: long it's been in development. 39 00:02:25,400 --> 00:02:28,000 Speaker 4: The construction of the dam was started in twenty eleven 40 00:02:28,240 --> 00:02:31,240 Speaker 4: with the hope of finishing it in five years, but 41 00:02:31,320 --> 00:02:34,919 Speaker 4: it has been delayed due to various reasons, including diplomatic 42 00:02:34,960 --> 00:02:38,519 Speaker 4: tensions between downstream countries so done in Egypt, and also 43 00:02:38,680 --> 00:02:43,160 Speaker 4: the mismanagement by the previous company that was overseeing the projects, 44 00:02:43,360 --> 00:02:47,000 Speaker 4: and also funding issues because none of the international lenders 45 00:02:47,000 --> 00:02:49,560 Speaker 4: were not willing to fund the project, so that way 46 00:02:49,639 --> 00:02:52,440 Speaker 4: damage the reasons that lead the project to be delayed 47 00:02:52,440 --> 00:02:55,480 Speaker 4: for more years than the expected five years. 48 00:02:55,720 --> 00:02:59,600 Speaker 2: So clearly it's been quite a long path for the 49 00:02:59,639 --> 00:03:02,400 Speaker 2: government and to actually get this up and running, so 50 00:03:03,120 --> 00:03:05,920 Speaker 2: it makes sense why this was a significant day for them. 51 00:03:06,520 --> 00:03:09,280 Speaker 2: What did they say on the day about some of 52 00:03:09,360 --> 00:03:12,480 Speaker 2: their ambitions for what this dam will do and also 53 00:03:12,520 --> 00:03:15,200 Speaker 2: what the economic impact of the dam will be. 54 00:03:15,760 --> 00:03:18,239 Speaker 4: It was portrayed by the primeister and also by the 55 00:03:18,280 --> 00:03:22,480 Speaker 4: government official who in attendance at the integration. Was the 56 00:03:22,520 --> 00:03:26,520 Speaker 4: inaugration of the dam is history for Ethiopia having the 57 00:03:26,600 --> 00:03:29,919 Speaker 4: largest African dumb at the same time financing it or 58 00:03:29,960 --> 00:03:34,400 Speaker 4: building a five billion dollars dump through domestic financing, So 59 00:03:34,440 --> 00:03:36,680 Speaker 4: it was a big day for the country. When it 60 00:03:36,760 --> 00:03:39,760 Speaker 4: comes to the economic impact, the first one is half 61 00:03:39,760 --> 00:03:43,240 Speaker 4: of itapest population lives without access to power, so that's 62 00:03:43,320 --> 00:03:46,120 Speaker 4: the first thing the dam will be doing, and giving 63 00:03:46,160 --> 00:03:50,800 Speaker 4: power to the community and also the industrialization. So last 64 00:03:50,880 --> 00:03:55,080 Speaker 4: year the industry sector grew by ten percent, So the 65 00:03:55,120 --> 00:03:58,960 Speaker 4: government hopes to feel those growing demand from the power 66 00:03:58,960 --> 00:04:02,240 Speaker 4: generated from the new DUMB. And also the Prime Minister 67 00:04:02,320 --> 00:04:05,480 Speaker 4: said it could generate up to one billion dollars on 68 00:04:05,520 --> 00:04:09,440 Speaker 4: a yearly basis from exporting power to neighboring countries. So 69 00:04:09,560 --> 00:04:13,480 Speaker 4: far it TOOPA exports power to Djibuti, Kenya and Tanzania. 70 00:04:13,840 --> 00:04:17,359 Speaker 4: That's the target. And also recently Topia starts springing in 71 00:04:17,600 --> 00:04:21,279 Speaker 4: bitcoin mining companies started using power generated from the DUM, 72 00:04:21,360 --> 00:04:25,000 Speaker 4: so that's also the expectation the government hopes to achieve. 73 00:04:25,040 --> 00:04:27,039 Speaker 1: Through there is inaugurted down. 74 00:04:27,000 --> 00:04:31,240 Speaker 2: And Physica you talked a bit about this, but there's 75 00:04:31,320 --> 00:04:33,760 Speaker 2: clearly been a lot of disputes on the way to 76 00:04:33,839 --> 00:04:37,200 Speaker 2: this inauguration, to this unveiling of the dam, and a 77 00:04:37,240 --> 00:04:40,200 Speaker 2: lot of that is centered around the Nile and the 78 00:04:40,200 --> 00:04:43,599 Speaker 2: countries that are along its path. What have the discussions 79 00:04:43,640 --> 00:04:47,800 Speaker 2: been with some of the countries along the Nile and Ethiopia. 80 00:04:48,560 --> 00:04:51,640 Speaker 4: Yeah, since twenty fifteen, the three countries have been so done. 81 00:04:51,720 --> 00:04:55,800 Speaker 4: Ethiopia and Egypt have been in negotiations on how to 82 00:04:55,839 --> 00:04:59,799 Speaker 4: operate the dumb. The negotiations started before the dumb was finished. 83 00:05:00,400 --> 00:05:02,920 Speaker 4: Part of the discussion was how to operate or how 84 00:05:02,960 --> 00:05:06,000 Speaker 4: to manage the operation of the dum, especially the minimum 85 00:05:06,040 --> 00:05:09,280 Speaker 4: guaranteed the water flow that downstream countries would be getting from, 86 00:05:10,160 --> 00:05:14,159 Speaker 4: especially during broughd season. There had been discussions between the 87 00:05:14,240 --> 00:05:18,839 Speaker 4: three countries and several rounds of discussions, including US mediated 88 00:05:18,920 --> 00:05:22,839 Speaker 4: conversations and negotiations, but all of them didn't materialize and 89 00:05:22,880 --> 00:05:26,279 Speaker 4: the three countries didn't reach to an agreement. So I 90 00:05:26,279 --> 00:05:30,599 Speaker 4: would say the process has styled for a couple of years. 91 00:05:30,279 --> 00:05:33,320 Speaker 2: Which lead me to tak thanks so much for being here. 92 00:05:33,640 --> 00:05:36,560 Speaker 2: You are in Egypt. Maybe you can give us a 93 00:05:36,560 --> 00:05:39,800 Speaker 2: bit of history about the significance of the Nile for 94 00:05:40,080 --> 00:05:42,240 Speaker 2: Egypt before we get into some of the events of 95 00:05:42,279 --> 00:05:42,760 Speaker 2: this week. 96 00:05:43,120 --> 00:05:46,279 Speaker 5: It's obviously usually significant. I mean, Egypt relies on our 97 00:05:46,320 --> 00:05:49,880 Speaker 5: water for you know, especially ninety eight percent of its 98 00:05:49,960 --> 00:05:52,360 Speaker 5: water needs. You know, there's a saying in Egypt that 99 00:05:52,560 --> 00:05:55,320 Speaker 5: whoever drinks from the Nile will always come back. I mean, 100 00:05:55,400 --> 00:05:58,440 Speaker 5: that's kind of an entrend in the country. So the 101 00:05:58,480 --> 00:06:04,440 Speaker 5: idea that you know, there's the potential for shortfall for Egypt, 102 00:06:04,640 --> 00:06:07,280 Speaker 5: which is that to an extent, that's already experiencing that. 103 00:06:08,160 --> 00:06:10,479 Speaker 5: You know, it is hugely significant. I mean, as the 104 00:06:10,480 --> 00:06:13,279 Speaker 5: Presidency put it yesterday when they issued a statement in 105 00:06:13,320 --> 00:06:17,560 Speaker 5: a response to the inauguration, they deemed it an existential issue. 106 00:06:18,040 --> 00:06:20,400 Speaker 5: You know, it's really a question of life or death 107 00:06:20,440 --> 00:06:24,560 Speaker 5: for a country that essentially relies on the Nile water 108 00:06:24,720 --> 00:06:26,400 Speaker 5: for almost everything. 109 00:06:26,400 --> 00:06:29,279 Speaker 2: You mentioned the statement that we got from the Presidency. 110 00:06:29,320 --> 00:06:32,520 Speaker 2: Has the messaging changed from Egypt over the years or 111 00:06:32,560 --> 00:06:36,640 Speaker 2: does it remain consistent their concerns with this. 112 00:06:36,760 --> 00:06:40,560 Speaker 5: Dam You know, obviously the statements are all Calctian diplomatic language. 113 00:06:40,680 --> 00:06:44,160 Speaker 5: The most recent statement, which basically relaid a message or 114 00:06:44,160 --> 00:06:47,040 Speaker 5: a letter that was submitted to the Security Council, talked 115 00:06:47,080 --> 00:06:51,360 Speaker 5: about how Egypt pertains its rights to respond according to 116 00:06:51,440 --> 00:06:55,120 Speaker 5: international law in the UN Charter, and it came out 117 00:06:55,200 --> 00:06:59,520 Speaker 5: fairly forcefully against Ethiopia and what it dubbed intransigence on 118 00:06:59,520 --> 00:07:02,040 Speaker 5: the part of the government. There two effectively or actively 119 00:07:02,040 --> 00:07:05,720 Speaker 5: in agent negotiations that would yield to an agreement that 120 00:07:06,000 --> 00:07:09,800 Speaker 5: would more fairly, more eculatively distribute than a water among 121 00:07:09,840 --> 00:07:11,200 Speaker 5: the Anal Basin countries. 122 00:07:11,520 --> 00:07:13,200 Speaker 2: I want us to take a quick break and when 123 00:07:13,200 --> 00:07:15,560 Speaker 2: we come back We're going to talk a bit more 124 00:07:15,600 --> 00:07:18,960 Speaker 2: about Egypt and potentially what the next steps could be, and. 125 00:07:18,840 --> 00:07:21,120 Speaker 1: Even bringing in Sudan. We'll be right back. 126 00:07:26,680 --> 00:07:29,600 Speaker 2: Welcome back today on the podcast, we're talking about that 127 00:07:29,800 --> 00:07:33,760 Speaker 2: great Ethiopian Renaissance Dam, which hopes to provide some five 128 00:07:33,800 --> 00:07:37,880 Speaker 2: thousand megawatts of energy to the Horn of Africa Region FASIKA. 129 00:07:37,880 --> 00:07:41,560 Speaker 2: Today and Direct al TABLAWI are still with Meterrec. I 130 00:07:41,600 --> 00:07:45,000 Speaker 2: wanted to stick with you because you were talking about 131 00:07:45,000 --> 00:07:46,960 Speaker 2: potentially discussions that could. 132 00:07:46,720 --> 00:07:47,840 Speaker 1: Happen moving forward. 133 00:07:48,200 --> 00:07:52,240 Speaker 2: What's been interesting has been Egypt and Sudan sort of 134 00:07:52,280 --> 00:07:56,000 Speaker 2: banding together against the dam. Do we have any sense 135 00:07:56,040 --> 00:07:59,160 Speaker 2: of what the next steps look like for these two 136 00:07:59,200 --> 00:08:02,160 Speaker 2: countries and their discussions are lack thereof. 137 00:08:02,240 --> 00:08:05,240 Speaker 5: With Ethiopia, I think the focus right now on the 138 00:08:05,240 --> 00:08:08,640 Speaker 5: part of Egypt and sensibly also Sudan is really to 139 00:08:08,680 --> 00:08:13,200 Speaker 5: pursue the diplomatic channels that are available to the international efforts. 140 00:08:13,280 --> 00:08:16,000 Speaker 5: I mean, as I mentioned, they they've taken the issue, 141 00:08:16,240 --> 00:08:18,360 Speaker 5: you know, presented it to the Security Council and the 142 00:08:18,400 --> 00:08:22,360 Speaker 5: hopes obviously that perhaps the Council would convene a special 143 00:08:22,360 --> 00:08:25,480 Speaker 5: session to discuss it. You know, behind that, you know 144 00:08:25,520 --> 00:08:27,280 Speaker 5: what we've been seeing on a part of Egypt is 145 00:08:27,320 --> 00:08:30,760 Speaker 5: really a much stronger or much more active engagement on 146 00:08:30,800 --> 00:08:34,040 Speaker 5: the on its part with its African neighbors, especially the 147 00:08:35,000 --> 00:08:37,000 Speaker 5: you know, the Horne of Africa, and in essence, I 148 00:08:37,040 --> 00:08:38,560 Speaker 5: mean what they're trying to do is to draw in 149 00:08:38,559 --> 00:08:42,040 Speaker 5: those countries that were previously aligned with Ethiopia, you know, 150 00:08:42,120 --> 00:08:44,120 Speaker 5: more on their side. I mean, Egypt had a long 151 00:08:44,200 --> 00:08:46,559 Speaker 5: history in Africa under Gamla than Nasser back in the 152 00:08:47,200 --> 00:08:50,320 Speaker 5: fifties and sixties. You know, it is very actively engaged. 153 00:08:50,400 --> 00:08:54,640 Speaker 5: And then that they really withdrew from that scene, you know, 154 00:08:54,760 --> 00:08:57,920 Speaker 5: under Sadded and then subsequently mob Arc and I think 155 00:08:57,960 --> 00:08:59,719 Speaker 5: they've realized that I was in a state, you know, 156 00:08:59,800 --> 00:09:02,040 Speaker 5: in the sense that it opened the door for Ethiopia 157 00:09:02,080 --> 00:09:06,160 Speaker 5: to start rallying or building alliances or exerting its own 158 00:09:06,200 --> 00:09:09,880 Speaker 5: influence there at the expense of Egypt. So you know, 159 00:09:09,920 --> 00:09:12,120 Speaker 5: he's stepping back into the game a bit later, you know, 160 00:09:12,240 --> 00:09:16,920 Speaker 5: starting maybe twenty nineteen is when they really actively done 161 00:09:17,000 --> 00:09:21,280 Speaker 5: some kind of outreach with countries like eure Atria, Somalia. 162 00:09:21,920 --> 00:09:24,760 Speaker 5: Last month, the Uganda, the president was in Cairo meeting 163 00:09:24,840 --> 00:09:28,000 Speaker 5: with President Cci, you know, and a big part of 164 00:09:28,080 --> 00:09:31,880 Speaker 5: their talks focused on the Nile, and obviously Egypt hopes 165 00:09:31,880 --> 00:09:34,840 Speaker 5: that Uganda would kind of press the issue between us, 166 00:09:35,080 --> 00:09:37,400 Speaker 5: you know, before a seven member committee that would look 167 00:09:37,480 --> 00:09:40,800 Speaker 5: into trying to find a way of pressure or to 168 00:09:42,320 --> 00:09:45,120 Speaker 5: convince Ethiopia to step back in with some kind of 169 00:09:45,200 --> 00:09:49,240 Speaker 5: serious proposal that would mitigate the potential impact, you know, 170 00:09:49,320 --> 00:09:53,040 Speaker 5: should another significant drought arise. I mean, that's that's really 171 00:09:53,080 --> 00:09:55,199 Speaker 5: the description concern is what would happen if you have 172 00:09:55,320 --> 00:09:59,480 Speaker 5: an extended drought season or drought period for several years. 173 00:10:00,400 --> 00:10:03,800 Speaker 5: You know, it has tremendous domestic political significance. I mean, 174 00:10:03,840 --> 00:10:06,040 Speaker 5: the fact that Egypt hasn't been able to brok or 175 00:10:06,080 --> 00:10:10,120 Speaker 5: reach an agreement with ev ops Is is problematic for 176 00:10:10,160 --> 00:10:12,880 Speaker 5: the government because it affects a nation about one hundred 177 00:10:12,880 --> 00:10:15,560 Speaker 5: and eight million people manufacturer and another ten million people 178 00:10:15,679 --> 00:10:19,280 Speaker 5: that are refugees from various conflicts in the region, you know, 179 00:10:19,400 --> 00:10:23,640 Speaker 5: who are basically dealing with a severe water shortage for 180 00:10:23,760 --> 00:10:26,280 Speaker 5: lack of a better word, I mean Egypt's under the 181 00:10:26,400 --> 00:10:29,400 Speaker 5: UN guidelines. I mean, Egypt is a water poor country. 182 00:10:29,480 --> 00:10:32,120 Speaker 5: It's it's the average per capital is about five hundred 183 00:10:32,160 --> 00:10:35,520 Speaker 5: meters compared to what it was back when the initial 184 00:10:35,559 --> 00:10:37,240 Speaker 5: agreements assigned back decades ago. 185 00:10:37,520 --> 00:10:40,920 Speaker 2: I think you're alluding to the agreements made from Britain 186 00:10:41,040 --> 00:10:43,480 Speaker 2: right allotting Egypt part of the Nile River. How much 187 00:10:43,559 --> 00:10:45,959 Speaker 2: weight do you think that will potentially carry in these 188 00:10:46,040 --> 00:10:47,640 Speaker 2: diplomatic discussions. 189 00:10:48,320 --> 00:10:50,600 Speaker 5: You know, I think what Egypt is looking for, per 190 00:10:50,679 --> 00:10:53,599 Speaker 5: se is something that allows the more equitable access to 191 00:10:53,679 --> 00:10:57,839 Speaker 5: the water in proportion to the country's domestic needs. The 192 00:10:57,920 --> 00:11:01,920 Speaker 5: Egyptian government, the presidency, there's all all along maintained that 193 00:11:02,160 --> 00:11:06,160 Speaker 5: Ethiogys are right to economic development. You know, it's everybody's right. 194 00:11:06,600 --> 00:11:08,240 Speaker 5: But at the same time, that shouldn't come at the 195 00:11:08,320 --> 00:11:12,640 Speaker 5: expense of another country, which is a serious blind. I mean, 196 00:11:13,679 --> 00:11:15,959 Speaker 5: it's not something you can make up for through desalination 197 00:11:16,120 --> 00:11:21,079 Speaker 5: plants or even upgrading technology or recycling water, especially when 198 00:11:21,120 --> 00:11:25,600 Speaker 5: the country's trying. Egypt is trying to increase agricultural land, 199 00:11:25,840 --> 00:11:29,040 Speaker 5: boost arable area so less than its reliance on imports. 200 00:11:29,480 --> 00:11:32,240 Speaker 1: And I'd like to bring Fasiica back into this physica. 201 00:11:32,480 --> 00:11:37,400 Speaker 2: How has the Ethiopian government responded to these latest legal threats, 202 00:11:37,440 --> 00:11:39,240 Speaker 2: because as we mentioned, this has been going on for 203 00:11:39,360 --> 00:11:40,040 Speaker 2: quite some time. 204 00:11:40,400 --> 00:11:43,160 Speaker 4: There is no direct response for the legal trade. But 205 00:11:43,320 --> 00:11:48,679 Speaker 4: the government has been justifying that the dum wouldn't have 206 00:11:48,880 --> 00:11:53,040 Speaker 4: an impact on Sudan in Egypt, saying that the dumb 207 00:11:53,120 --> 00:11:56,599 Speaker 4: has reached in its full capacity. It's the reservare is 208 00:11:56,720 --> 00:12:00,960 Speaker 4: full now and there is no big impact that created 209 00:12:01,080 --> 00:12:05,079 Speaker 4: on Egypt and Sudan. That's the justification coming from the government. 210 00:12:05,520 --> 00:12:09,040 Speaker 4: The government also says that catching that amount of water 211 00:12:09,480 --> 00:12:13,240 Speaker 4: prevented Sudan from the recurring floods happening in the country, 212 00:12:13,320 --> 00:12:16,080 Speaker 4: So that's the justification coming from the government. But also 213 00:12:16,280 --> 00:12:21,160 Speaker 4: during the inauguration ceremony, the premise was saying Itopia doesn't 214 00:12:21,280 --> 00:12:25,800 Speaker 4: have an intention to harm both countries and the country 215 00:12:25,880 --> 00:12:29,839 Speaker 4: has a responsibility to protect those countries from any kind 216 00:12:29,920 --> 00:12:33,240 Speaker 4: of disasters or challenge them white face and. 217 00:12:33,360 --> 00:12:37,079 Speaker 2: Let's just finish on the inauguration. There was quite in 218 00:12:37,200 --> 00:12:40,480 Speaker 2: a list of attendees there heads of state from across 219 00:12:40,559 --> 00:12:46,640 Speaker 2: East Africa at the specific inauguration. Just to Trect's point earlier, 220 00:12:47,160 --> 00:12:50,880 Speaker 2: its seeming like Ethiopia is getting a few allies to 221 00:12:51,160 --> 00:12:53,960 Speaker 2: get on board with them with the benefits I guess 222 00:12:54,240 --> 00:12:57,520 Speaker 2: of this damn But did we hear anything specifically from 223 00:12:57,559 --> 00:13:00,400 Speaker 2: some of these heads of state about the various aims 224 00:13:00,480 --> 00:13:02,920 Speaker 2: about the Nile River for. 225 00:13:03,160 --> 00:13:07,079 Speaker 4: Heads of state where there during the inaugration, and all 226 00:13:07,120 --> 00:13:12,360 Speaker 4: of them delivered speech during the inaugration ceremony, and one 227 00:13:12,400 --> 00:13:15,719 Speaker 4: of the three things they mentioned was cooperation between the 228 00:13:16,040 --> 00:13:21,000 Speaker 4: downstream countries and ensuring regional stability in the Horn North Africa. 229 00:13:21,080 --> 00:13:24,079 Speaker 4: And yes, obviously that was one of the reasons stressed 230 00:13:24,160 --> 00:13:28,720 Speaker 4: by Kenya's president with Dan Bruto and also the Somalian president. 231 00:13:29,200 --> 00:13:32,560 Speaker 4: The other point they have mentioned was benefit the East 232 00:13:32,559 --> 00:13:36,080 Speaker 4: African countries would be getting from the dump. So all 233 00:13:36,160 --> 00:13:39,760 Speaker 4: of them expressed interests to purchase power from Ethiopia in 234 00:13:39,840 --> 00:13:40,520 Speaker 4: the coming years. 235 00:13:40,600 --> 00:13:43,000 Speaker 2: So yes, and you can read our coverage of the 236 00:13:43,080 --> 00:13:48,079 Speaker 2: Grand Ethiopian Renaissance dam across Bloomberg platforms. Now here's some 237 00:13:48,160 --> 00:13:50,880 Speaker 2: of the other stories we've been following across the region 238 00:13:51,000 --> 00:13:55,240 Speaker 2: this week. Prosecutors at the International Criminal Court began presenting 239 00:13:55,360 --> 00:13:59,280 Speaker 2: evidence this week to support their charges against fugitive Ugandan 240 00:13:59,360 --> 00:14:02,959 Speaker 2: rebel leaders Joseph Coney at the Global Court's first ever 241 00:14:03,120 --> 00:14:07,040 Speaker 2: absentia hearing, alleging that he inflicted horrors on Yugone in 242 00:14:07,160 --> 00:14:12,760 Speaker 2: society that still echo two decades later, and Nigeria's currency unit, 243 00:14:12,840 --> 00:14:16,080 Speaker 2: the naira, has rallied the most in Africa this month. 244 00:14:16,480 --> 00:14:20,320 Speaker 2: It's been driven by high nominal rates and investor positioning 245 00:14:20,440 --> 00:14:24,080 Speaker 2: ahead of expectations that the central bank may start cutting 246 00:14:24,200 --> 00:14:27,880 Speaker 2: rates as inflation continues to trend downwards in the West 247 00:14:27,960 --> 00:14:31,840 Speaker 2: African nation. You can follow these stories across Bloomberg, including 248 00:14:31,920 --> 00:14:33,120 Speaker 2: the Next African Newsletter. 249 00:14:33,360 --> 00:14:35,240 Speaker 1: We'll put a link to that in the show notes. 250 00:14:37,800 --> 00:14:41,200 Speaker 2: This program was produced by Adrian Bradley and tiwa Adebayo. 251 00:14:41,520 --> 00:14:44,320 Speaker 2: Don't forget to follow and review the show wherever you 252 00:14:44,480 --> 00:14:45,800 Speaker 2: usually get your podcasts. 253 00:14:46,240 --> 00:14:49,200 Speaker 1: But for now, I'm Jennifer's Abasaja. Thanks for listening.