Egypt, Ethiopia, Sudan say final agreement on Blue Nile dam by next month
February 1, 2020, 12:19 pm

Egypt, Ethiopia, Sudan say final agreement on Blue Nile dam by next month

The $4 billion Grand Ethiopian Renaissance Dam (GERD), under construction near Ethiopia’s border with Sudan on the Blue Nile, which flows into the Nile river. (Reuters)

Ministers from Egypt, Ethiopia, and Sudan said on Friday a final agreement will be signed by the end of February on the giant Blue Nile hydropower dam that sparked a years-long diplomatic crisis between Cairo and Addis Ababa.

The countries have been at odds over the filling and operation of the $4 billion Grand Ethiopian Renaissance Dam (GERD), under construction near Ethiopia’s border with Sudan on the Blue Nile, which flows into the Nile River.

The three regional powers convened in Washington for what were supposed to be two days of meetings on Tuesday and Wednesday to complete an agreement after talks earlier this month, but negotiations dragged into Friday and disbanded without a final accord.

In a joint statement with the United States and the World Bank after the talks, the nations said they had agreed on a schedule for staged filling of the dam and mitigation mechanisms to adjust its filling and operation during dry periods and drought.

The nations still have to finalize several aspects of the dam, including its safety and provisions for the resolution of disputes, the statement said. But it added that a final agreement on the dam would be signed by all three countries by the end of February.

“Documents to be signed will be further deliberated by the legal team supported by a technical team. This will continue next week to complete a comprehensive document within 30 days,” Sileshi Bekele, Ethiopian minister for water, irrigation, and energy, said on Twitter.

The United States has hosted several rounds of talks in Washington with ministers from the three regional powers and the World Bank after years of trilateral negotiations failed.

US President Donald Trump, in a call with Ethiopian Prime Minister Abiy Ahmed on Friday, expressed optimism that an agreement on the dam was near and would benefit all parties involved, a White House spokesman said.

The dam is the centerpiece in Ethiopia’s bid to become Africa’s biggest power exporter but has sparked fears in Cairo that Egypt’s already scarce supplies of Nile waters, on which its population of more than 100 million people is almost entirely dependent, would be further restricted.

Even without taking the dam into account, largely desert Egypt is short of water. It imports about half its food products and recycles about 25 billion cubic meters of water annually.

Addis Ababa, which announced the project in 2011 as Egypt was beset by political upheaval, denies the dam will undermine Egypt’s access to water.

source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.