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Zimbabwe inks deal with Chinese lender
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Zimbabwe signed a US$355 million agreement with the Export-Import Bank of China yesterday to expand power generation and help alleviate perennial electricity shortages.
“The bank will provide funding amounting to US$319.5 million whilst the government will finance the balance, amounting to US$35.5 million,” said Finance Minister Patrick Chinamasa after inking the deal with the bank’s Vice President Zhu Hongjie.
Chinamasa said the loans would be repaid at 2 percent interest per year, with “a grace period of five years and repayment period of 20 years.”
The money will be used to increase the Kariba South Hydro-power Station’s capacity by 300 megawatts.
Zimbabwe generates 1,200MW on average per day against a peak demand of 2,100MW.
To conserve scarce electricity, the country’s power utility resorts to long hours of load-shedding, in some cases lasting up to 10 hours in major cities.
The European Union and the United States imposed sanctions including a travel embargo and an asset freeze on veteran President Robert Mugabe and his close allies.
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