Friday, March 29, 2024

ZESCO and ICB sign deal

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Zesco Limited managing director Ernest Mupwaya (r) and project manager for the Kariba North Bank power extension project toast after signing agreements for the start of work in Lusaka yesterday.

ZESCO and the International Commercial Bank of China have signed a facility loan agreement worthy over 1 point 3 trillion Kwacha for construction of a new 3 hundred and 30 KV power line in Northern and Eastern Provinces.

The loan agreement facility will ease construction of the 6 –hundred and 84 kilometer, 330 KV power line from, Pensulo substation to the proposed Kasama substation and from Pensulo substation through Msoro to the proposed Chipata West Substation to be constructed by the TBEA of China.

ZESCO Managing Director Ernest Mupwaya signed the Agreement on behalf of the Power utility company while International Commercial Bank of China Chairman Mr. Jing Jianging signed on behalf of the Bank.

And Energy Minister Kenneth Konga says the project will increase access to energy for the rural community.

Mr. Konga says the project will create one thousand direct jobs and 2 thousand indirect jobs in the supply chain.

Mr. Konga was speaking during the signing ceremony for the facility agreement between ZESCO and Industrial and Commercial Bank of China in Lusaka.

He also called for more investment in the energy sector.

And Industrial and Commercial Bank of China Chairman Jinag Jianging said Zambia is the most important market for the bank.

Mr. Jinag says the 2-hundred and 85 million United States Dollar project will boost the social- economic status of Zambia.

Earlier, ZESCO Board Chairman Kwalela Lamaswala said that the project to be undertaken aims at increasing transmission capacity and supply to its customers.

Mr Lamaswala says the improvement of transmission supply will also enhance investment in the two provinces.

Meanwhile, ZESCO Managing Director Ernest Mupwaya says the project will enable ZESCO have the opportunity to also export to neighbouring countries.

And TBEA Chairman Li Biangu says his company is determined and committed to quality works on the 3-hundred and 30 KV line.

The project is expected to commerce before October 2011.

ZNBC

22 COMMENTS

  1. Good evening

    This is a positive development for the North and East of Zambia. Chinese loans are known to come with less conditions than those of the Western world. Let’s hope the funds are managed in a transparent and economically responsible manner.

  2. i donot understand how zesco continue to build hydro power station in province already has and leaving north western which is stil using fuel in 75% towns of the province. and minister who even come from there cannot push for such development the ones which where annpunced upto now they have not started infact was announced towards president by-election.

    • What is being constructed are powerlines. However, your observation is very valid. Usage of diesel generators is actually a financial drain on Zesco. Zesco should borrow from China and construct the required powerlines. Savings accruing from migrating from generators to national grid would overtime pay for that loan!!!

  3. Ba Zesco MD. As if you are not an engineer? Leave that cheap talk for politicians. “…the project will enable ZESCO have the opportunity to also export to neighbouring countries”. You dont even have enough capacity to satisfy local customers. Everytime, you have to loadshed. Where are you gonna get the power to supply outside Zambia?

  4. Why are we suddenly being inundate with developmental projects every second? Will these come to any fruition? 

  5. Take that you Sata followers. Please, I beg you, that when Sata comes to power, you reverse the whole deal, so that we remain in the dark, literally.

  6. The colour of the wine? champaign? looks suspect, might be chinese. Anyway who cares, these a proper developmental projects, the hour i really working now.

  7. How I wish every year was an election year, Zambia would have graduated into the “first-world” level of development already!!!!!!

  8. $300m Zesco Development, $98M Society House development all in two weeks. Such vast investments should be debated in parliament. Are preconditions made that 90% Zambians should work on these projects instead of 100% Chinese. The all thing seems too rushed and lacks transparence for me and thats where I smell a rat.

  9. This is great news and this is true development. I think i will give my vote to RB than experimenting with Sata’s 90 day economic miracles. 

  10. Well thought Development Venture. Keep going!!! Haters and all those that cannot see development uprooting will keep going to bed with headaches & heartaches

    This election is not like being on American Idol, Big Brother or X-Factor. This year’s election is about who has the MOJO

    The current Theme Song by The Post, is to go out and sermonize Sata’s Popularity, so when the election results come, they can all go and cry that Sata could not have lost because he had more popularity theme song. Thus, create an up rise, knock off-balance and destabilise the nation.

  11. Sata’s message to the voters has so far only offered STICKS and not CARROTS.
    How do you go to Western Province, promise people that – “I will build this and that road for you”, when GRZ has already commissioned road construction and the ball is rolling on the ground. This also explains why PF has been in opposition for 10yrs without a tangible Manifesto

  12. China is where most nations are borrowing money because of “ favourable conditions” attached to loans.

    The USA is $14 Trillion in deficit and owes China $5 Trillion. Britain owes China £ Billions of pounds. The Arab Nations, EU Countries, Canada, Australia, some S’Americans nation, all these nations have owe China.

    Of course, Sata cannot understand why nations are borrowing from China due to the fact that its an Emerging Economical Power.

  13. independence observer, indeed pf has nothing to offer, and the post will be buried with pf this year. it is nearly impossible that the post will survive the shame that has been inflicted on it by one fred namakando mmembe. i just shudder at the thought that the post will join the long queue of companies that will collapse and with it the pensions of its largely innocent workers. unfortunately, post workers will not be eligible for rb’s funds to pay pension arrears to other workers. but the ball is in the court of the workers at the post, for allowing mmembe to mess up the post and their future. kabwela, have you secured your terminal benefits?

  14. These Men are FAT, they are all enjoying, you mean we have no Gyms in Zambia? Or it’s the issue of fatness as a sign of wealth.

  15. This is a bad development. These cross border powerlines are the beginning of a new era of exploitation. Once the global network is constructed ZESCO will export power as far afield as the network extends – and I envisioning the global network will reach Europe and China. At the expense of ordinary Zambians power will be exported for a profit or to pay back interest on loans. There are few sources of renewable energy in the world Zambia has been blessed abundantly in this respect while our friends burn fuels to generate power or worse construct nuclear power plants. The urgency is on to find alternatives and Zambia with the hydroelectric power has been identified as a primary source. Think about it why are these nations so quick to loan us money for international interconnectors yet the

  16. Think about it why are these nations so quick to loan us money for international inter-connectors yet there’s no money to complete rural electrification? The scramble for Africa is not over its just intensifying and Africans are still too myopic to see this. Busy celebrating how we will be exporting power yet your grandmothers in the village still don’t know what electricity is. Shame.

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