Zimbabwe pays interest on $355m China Exim Bank loan

Zimbabwe has made several interest payments to the China Exim Bank for a US$355 million loan extended to the southern African nation to finance expansion of its Kariba South Power Station, an official has said.

The project, which is being undertaken by Chinese firm Sino Hydro, is expected to add 300 megawatts to the current 750MW, with commissioning set for the first quarter of 2018. Sino Hydro was awarded the contract in 2013 although the agreement for the loan was signed in 2012.

Energy Secretary Pattison said on Wednesday that two interest payments of close to US$2 million had been made with the next payment due in September.