Egypt, Ethiopia say there's hope for long-term Nile River cooperation following agreement

Egyptian president Fattah al-Sisi, left, and Ethiopian prime minister Hilemariam Desalegn, right, shake hands after the press conference at The National Palace Tuesday, March 24, 2015 in Addis Ababa Ethiopia. The leaders of Egypt and Ethiopia have agreed to upgrade talks over the controversial Grand Ethiopian Renaissance Dam that Addis Ababa is constructing over the Nile River. (AP Photo/ Mulugeata Ayene) (The Associated Press)

Egyptian President Fattah al-Sisi addresses the media after bilateral talks with Ethiopian officials at The National Palace Tuesday March 24, 2015, in Addis Ababa, Ethiopia. Egypt, Ethiopia and Sudan on Monday signed an initial agreement on sharing water from the Nile River that runs through the three countries, as Addis Ababa presses ahead with its construction of a massive new dam it hopes will help alleviate the country's power shortages. (AP Photo/ Mulugeata Ayene) (The Associated Press)

ADDIS ABABA, Ethiopia – The leaders of Ethiopia and Egypt say they hope ongoing talks over sharing the waters of the Nile River will lead to a final agreement.

Egyptian President Abdel-Fattah el-Sissi told reporters in the Ethiopian capital of Addis Ababa, where he is on an official visit, that Ethiopia and Egypt are "on the right path to cooperation."

Ethiopian Prime Minister Hailemariam Desalegn said he will hold direct talks with el-Sissi at least once a year either in Addis Ababa or Cairo.

Egypt, Ethiopia and Sudan on Monday signed an initial agreement on sharing Nile waters as Ethiopia continues to build a contentious new dam.

Cairo previously had voiced fears that Ethiopia's $4.2 billion hydro-electric project would diminish its share of the Nile waters.