Dam Bond sale falls flat

Once again, the attempt by Ethiopia’s khat-addicted dictator to sale bond to Ethiopians in the Diaspora in the name of building dam fails to generate even 5% of the expected revenue, according to Ethiopian Review’s investigation.

The first campaign to sell bond in the Diaspora was launched a couple of years ago under the name “Millennium Corporate Bond,” which failed, according to the World Bank’s Sonia Plaza (read here).

The new campaign was launched under the name “Renaissance Dam Bond” with all the Woyanne ruling party apparatus lining up behind it. The problem is that even the Woyanne businessmen and cadres themselves are not willing to buy the bond. Because they know that it has no value and the project is fake. The Egyptians also know that it is fake. That is why they are keeping quite.

So far, the Woyanne junta has succeeded in selling less than $1 million worth of bonds after spending almost as much money for meeting halls, travel, and accommodations. For example, in Dallas, Texas, the Woyanne junta collected $100,000 from some opportunist businessmen who own properties in Ethiopia, but the delegates spent over $20,000 to organize the bond sale. In Minneapolis last month, they sold 0 bond after protesters confronted them. The cost for the Minneapolis bond sale event is also estimated to be about $20,000.

The “Renaissance Dam” project will cost close to USD $5 billion, according to Woyanne’s own budget. It will be impossible for Woyanne to raise this much money, and has no intention to do so.

“Renaissance Dam” has two objectives for Woyanne:

1. Propaganda, i.e., divert attention from the real problems facing Ethiopians; and

2. Collect money to pay for the junta’s machinery of repression.

FORUM | AMHARIC