23 March 2018
Give ED enough time to deliver-US envoy
ZACC storm as millions of dollars suits pile up
Pari acussed of jobs for wife's relatives
Zimbos sad under Zanu PF govt: report
Chamisa invades Zanu PF strongholds
Zapu swallows Barbara Nyagomo’s PDZ
Torrent of blows as wife insists on HIV test
Teen mum chokes kid to death, burns house
Ramaphosa calls for single African currency
Moti Group doubles Zim investments
Deported anti-Bob SA band back at Hifa
Grace house arrest play rocks Masvingo
Cricket: UAE shatter Zim WCup dreams
Dynamos coach livid as Epoupua still unpaid
Follow Honourable Eddie Cross's example
Mugabe spoke for the marginalised, but
2018: of humour, fair analysis, healthy race
ZimDiaspora: Bum cleaners, runaway fathers?
Zambia and Zimbabwe appoint African Development Bank as advisers in the $4bn Batoka project
28/09/2016 00:00:00
by Bloomberg

ZAMBIA and Zimbabwe have appointed the African Development Bank as lead financial advisers for the construction of the 2400-megawatt Batoka Gorge hydro-power project that’s expected to cost $4 billion, an official said.

The two two nations face severe power shortages as years of under-investment are amplified by low water levels at the Kariba dam hydro-power station that they each rely on for about half of total supplies.

“Only yesterday, we were talking to the AfDB after Zambian and Zimbabwean governments appointed them as the lead financial arranger on this project,” Munyaradzi Munodawafa, Chief Executive Officer of Zambezi River Authority, said Tuesday in Victoria Falls after touring Batoka Gorge.

The authority intends to build it on the same arrangement as the Kariba Dam was built, which involves loans, grants, with the two governments also funding it, he said.

Executives from both nations have been to Beijing and met officials from the China Export & Credit Insurance Corp, known as Sinosure, Export-Import Bank of China, contractors and individual financiers, Munodawafa said.

Officials were also in France where there was “good reception and a lot of interest” during meetings with representatives from BNP Paribas SA, Societe General SA, the European Investment Bank, he said. In South Africa, there were talks with DBS Holdings Ltd., Barclays Africa Group Ltd., the International Finance Corp. and a consortium of local investors.

Financial mobilization for the project is scheduled to start in 2018, but could begin earlier than that, he said. The dam will have a capacity of 1,2 billion cubic meters of water on completion. Kariba, the world’s biggest man-made reservoir by volume, holds 181 billion cubic meters of water.

“After we have completed Batoka Gorge, we will start planning for something at Devil’s Gorge,” Munodawafa said of the valley that’s further upstream on the Zambezi River. “This is still a plan.”-


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker