Zambia has begun the construction of what it says is a major hydro-power project aimed at boosting the country’s electricity generation capacity.
The construction of 750 megawatts Kafue Gorge Lower Hydro-power project in Zambia begins following the signing of a memorandum of understanding between Zambia and China.
The hydro-power project in Zambia, to be situated in the south of the country-about 90 kilometers from Lusaka, will become the third largest power plant and the first major investment in the country’s energy infrastructure in over 30 years.
Chinese firm Sino Hydro Corporation Limited will construct the power project estimated to cost US$2b.
Speaking during the launch of the project, Zambian President Edgar Lungu said that his government will provide 15 percent of the project cost equity funding while the contractor will provide the remaining 85 percent of the total project cost as debt financing from the China Exim Bank and Industrial and Commercial Bank of China.
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