News / National
AfDB begins to secure $4bn for Batoka development
27 Sep 2018 at 06:57hrs | Views
THE African Development Bank (AfDB) has begun implementation of a resource mobilisation plan to secure an estimated $4 billion for the development of the 2 400 megawatts Batoka Gorge Hydro Electricity project.
The infrastructure project is being done jointly by Zimbabwe and Zambia with electricity generated to be shared equally by the two countries. Engineering and legal assessments for the project were carried out in 2016, but there have been delays in implementation.
The Zambezi River Authority said in a statement that feasibility studies for the Batoka Power Project, which had just been completed, were financed by the World Bank.
"The board noted that the AfDB had commenced the implementation of a resource mobilisation plan to secure the funds for the construction of the 181 metres high dam, two power stations to be located on either bank of the Zambezi River Authority, which will each generate 1 200MW, as well as the associated power transmission lines to evacuate power from the Batoka Gorge Hydro-Electric Scheme," said the authority.
About 6 000 jobs are set to be created from the Batoka Gorge project along the Zambezi River. It is envisaged that the infrastructure project would reduce electricity shortages presently being experienced by the two countries, and potentially supply into the Sadc region, which is facing power shortages.
The Batoka Power Project comes at a time when Zimbabwe has declared that it is open for business, and has attracted over $20 billion worth of foreign direct investment commitments since December last year. And the Zimbabwe Investment Authority (ZIA) recently said it had approved investment applications worth over $16 billion between January and June this year, the highest figure since 1980.
Experts say the country requires a lot of electricity to power economic development projects such as the Karo Resources' $4,2 billion platinum and chrome project that requires about 250MW of electricity.
The infrastructure project is being done jointly by Zimbabwe and Zambia with electricity generated to be shared equally by the two countries. Engineering and legal assessments for the project were carried out in 2016, but there have been delays in implementation.
The Zambezi River Authority said in a statement that feasibility studies for the Batoka Power Project, which had just been completed, were financed by the World Bank.
About 6 000 jobs are set to be created from the Batoka Gorge project along the Zambezi River. It is envisaged that the infrastructure project would reduce electricity shortages presently being experienced by the two countries, and potentially supply into the Sadc region, which is facing power shortages.
The Batoka Power Project comes at a time when Zimbabwe has declared that it is open for business, and has attracted over $20 billion worth of foreign direct investment commitments since December last year. And the Zimbabwe Investment Authority (ZIA) recently said it had approved investment applications worth over $16 billion between January and June this year, the highest figure since 1980.
Experts say the country requires a lot of electricity to power economic development projects such as the Karo Resources' $4,2 billion platinum and chrome project that requires about 250MW of electricity.
Source - chronicle
