26 September 2008
Sino Hydro Corporation of China will next month start the power generation expansion programme at Kariba North Bank power station, Commerce Trade and Industry Minister, Felix Mutati, has said.
Mr Mutati said in Lusaka yesterday at a media briefing on the project that the Chinese power company would invest US$400 million in the project and that 85 per cent of the investment would come from China Exim Bank.
He said both Sino Hydro Corporation and China Exim Bank wanted the project to move fast and would start work next month, especially that Zambia and the region faced a power deficit.
The minister thanked the two Chinese firms for their quick response because the project would assist in meeting challenges of power shortageand help in economic growth.
Speaking at the same briefing, Sino Hydro chairman, Huang Baodong, said the power expansion would involve two generators with a capacity of 360 mega watts.
He said the project would last 48 months although there were plans to install the generators within 42 months to help Zambia meet its power deficit.
Mr Huang said that his company was aware that the power expansion exercise was important to Zambia since it was facing a power deficit and that money wouldalso be sourced from his company in order to finish off the project.
He said his company was the largest power supplier in China with 75 per cent of the domestic market and wanted to share its experience with other countries such as Zambia.
Meanwhile, visiting Chinese director-general of Hunan provincial department of commerce, Xiang Lili, has said his country is interested in further investments in Zambia's agriculture, tourism and mining sector.
Mr Xiang said the three sectors could uplift Zambia's economic growth in Africa if properly utilised.
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