-
US vows to remain engaged with Sudan, others on Grand Ethiopian Renaissance Dam

The United States will continue to work with Egypt, Ethiopia, and Sudan until they sign an accord on a giant Blue Nile hydropower dam, after failing to secure signatures from the three countries this week, US Treasury Secretary Steven Mnuchin said Friday.
The three countries had expected to sign an agreement in Washington this week on the filling and operation of the $4 billion Grand Ethiopian Renaissance Dam (GERD), but Ethiopia skipped the meeting and only Egypt has initialed the deal thus far.
In a statement released late Friday, Mnuchin said he held separate bilateral talks with key ministers from Egypt and Sudan over the past two days after Ethiopia asked for a delay in what was to be the final round of talks.
It was not immediately clear whether further talks would be scheduled.
Mnuchin said he looked forward to Ethiopia concluding its internal consultations to allow signing of the deal “at the earliest possible time,” and stressed that final testing and filling of the dam “should not take place without an agreement.”
“The United States reaffirms its commitment to remain engaged with the three countries until they sign the final agreement,” he said.
Ethiopia is building the dam near its border with Sudan on the Blue Nile, which flows into the Nile river - the main water source for Egypt’s population of 100 million. The dam is the centerpiece in Ethiopia’s bid to become Africa’s biggest power
exporter.
At last month’s talks in Washington, the nations agreed on a schedule for staged filling of the dam and mitigation mechanisms during dry periods and drought but said they still needed to finalize details on safety and how to resolve any disputes.
Mnuchin said the agreement hammered out over the past four months with input from the countries and the World Bank “addresses all issues in a balanced and equitable manner.”
Egypt was ready to sign the agreement and had initialed it, but Ethiopia continued its national consultations, Mnuchin said.
Downstream populations in Sudan and Egypt remained concerned about unfinished work on the safe operation of the dam, he said.
Egypt’s foreign ministry said in a statement that Cairo looked forward to Sudan and Ethiopia following its lead in accepting the agreement and signing it soon.
“It is a fair and balanced agreement that achieves the common interests of the three countries,” Egypt said. It said it “regrets Ethiopia’s unjustified absence from this meeting at this crucial stage of the negotiations.”
source: Reuters
You May Also Like
Popular Posts
Caricature
BENEFIT AGM approves 10%...
- March 27, 2025
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.
opinion
Report
ads
Newsletter
Subscribe to our mailing list to get the new updates!