Ethiopia delivers roughly 81% of water volume to the Nile through the river basins of the Blue Nile, Sobat River and Atbara. In 1959, Egypt and Sudan signed a bilateral treaty, the 1959 Nile Waters Agreement, which gave both countries exclusive maritime rights over the Nile waters. Ever since, Egypt has discouraged almost all projects in Ethiopia that sought to utilize the local Nile tributaries. This had the effect of discouraging external financing of hydropower and irrigation projects in western Ethiopia, thereby impeding water resource-based economic development projects. However, Ethiopia is in the process of constructing a large 6,450 MW hydroelectric dam on the Blue Nile river. When completed, this Grand Ethiopian Renaissance Dam is slated to be the largest hydroelectric power station in Africa.