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Zambia: Country Seeks $80 Million Hydro Power Project Loan
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The Times of Zambia (Ndola)
13 May 2008
Posted to the web 13 May 2008
Ndola
ZAMBIA has applied for a soft loan of U.S. $80 million from the Exim Bank of India for the upgrading of the Itezhi-Tezhi hydro power station whose total cost has been estimated at $150 million, Indian High Commissioner to Zambia, River Wallang has said.
Mr Wallang said in an interview in Lusaka at the weekend that the application was receiving favourable attention and chances were that the loan would be approved soon.
Mr Wallang said the loan to be paid back over a period of 20 years, would allow quick implementation of the project by the Zambian Government.
Zesco and Tata Africa Holdings in November 2006 signed a memorandum of understanding (MoU) and launched a partnership pact for the construction of the $150 million hydro power station in Itezhi-Tezhi on the Kafue river.
Mr Wallang said India was committed to supporting Zambia improve the energy sector through financial support and paid tribute to President Mwanawasa's commitment to ensure that the energy sector was improved.
He said the Indian government stood ready to help Zambia in projects that were aimed at improving the lives of the people and development of the country.
Mr Wallang said the hydro power project was expected to boost the power station's generation capacity by about 120 megawatts of electricity and would cover a 350-kilometre transmission line to the national grid.
President Mwanawasa recently announced that the Government and Tata Zambia had entered into an investment partnership in which the giant manufacturing company would open new industries in the agricultural, mining and hydro-electricity power sectors.
The president, who was speaking during the commissioning of a Tata Zambia assembly plant in Ndola, said the conducive investment climate in the past four and half years was responsible for the sudden growth in the national economy.
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He said apart from the investment in the bus and truck assembly plant as well as the hospitality industry, the Tata Zambia group would invest in mining and hydro-electricity power generation plants whose plans had reached advanced stage.
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