By 
Zambia’s Finance Minister Situmbeko Musokotwane has said Zambia’s ambitious target of reaching three million tonnes of copper production in a decade will require enhanced electricity supply.
Musokotwane said the development of the Batoka Gorge Hydro Electric power project will not only be significant to Zambia and Zimbabwe but to Southern Africa as a whole as it would help ameliorate electricity generation by addressing increasing future demand.
He spoke in South Africa on Monday during the meeting on the Batoka Gorge Hydro Electric Scheme hosted by the African Development Bank (AfDB) and the Zambezi River Authority (ZRA).
Musokotwane stated that the Batoka Gorge was critical adding that despite the significant delays that have been experienced, Zambia was resolved to actualizing the power project.
He said as stakeholders work on developing financing options, they acknowledge the constrained fiscal space of the two countries to support the project in terms of direct borrowing or issuance of finance guarantees.
“As you may already know, Zambia is currently in debt distress and engaging its creditors for a possible debt restructuring. With compromised debt carrying capacity, the preference will be financing options that do not place a financial burden on the two countries,” Musokotwane said.
ZRA, council of ministers’ chairperson for 2023, Peter Kapala said Zambia and Zimbabwe remain committed to drawing equal social and economic benefits from the development of the Batoka project.
Kapala, the Zambian Minister of Energy, said he was hopeful that the Batoka project would be commissioned by 2031 or much earlier as per Integrated Resource planning (IRL).
This is according to a statement by Zambian high commission to South Africa first secretary for press and public relations Tamara Nyirenda.
Comments