ZESCO says it is prudently utilising the US$255 million (K1.4 billion) from the Eurobond to implement capital projects, contrary to assertions by some sections of society that the funds have been misappropriated.
Company spokesperson Henry Kapata said in an interview yesterday that US$186 million has been channelled to the Kafue Gorge Power Project while US$69 million is financing selected distribution and customer service projects.
“As Zesco, we are steadily achieving our goals in order to create wealth and improve the livelihoods of Zambians,” Mr Kapata said.
He said other sources of project financing include Government guaranteed letters of credit totalling US$ 173.43 million secured from local commercial banks.
Mr Kapata said the projects Zesco is undertaking will not only create jobs for Zambians but will also help to address load shedding.
“We have continued to employ youths in these projects we are undertaking. So to suggest that the Eurobond has been wasted is incorrect,” he said.
Mr Kapata outlined some of the projects Zesco has carried out as the 150 mega volt amps (MVA), 330/132 kilo volt ampere (KV) Leopards Hill substation, the Luano 315 MVA, 330/220 KV in Chingola, and installation of pre-paid meters in Southern and Western provinces, among others.
Other projects are 150 MVA, 220/88 KV transformer in Kafue and the optic fibre installation countrywide.
Mr Kapata also said Zesco is constructing several new power generation stations in various parts of the country using the Eurobond.
EUROBOND MONEY??? CAN WE HAVE PUBLIC ACCOUNTS ONLINE FOR THAT MONEY PLEASE
H. Kapata is he that the young brother of Jean Kapata who was stripped naked by Miles Sampa in Kasama. What a disgrace family.
The issue really is that the PF gvt got the eurobond money without a concrete and detailed plan on how the money was going to be spent. ZESCO and Zambia Railways being the only major parastatals were accidental beneficiaries of this largese- and this case illustrates the case against the restablishment of Indeco : the state borrowing in order to finance parastatals.
Kapata has a more descent jib than you whose main occupation is to insult Govt for a fee from one kadansa. Grow up n find a descent job. Better still go home n herd immaciated cattle.
Auditor General shall investigate how Zesco is selling forex to Finance Bank at 6% cheaper than other banks’ rate? This has been going on for years. Barkat Ali is sharing the difference with Zesco executives.
Zesco is a monopoly where does all the money they make go? They aren’t even suppose to be given money by government for capital projects but should be able to finance their own projects.
Does his company have a chairman for board for hom to talk of prudence?
I smell a rat at ZESCO.Certainly there is something going wrong here.Theres need for an investigation.Why is Govt spending so much money on ZESCO and its hydro-electricity projects when its clear that we have reached a ceiling in hydro-electricity production.The govt should have used the money to create a new company and source of energy especialy production of electricity from coal.This electricity from coal is the answer to the current energy shortage in Zambia.Its strange that hydro power provides for 98% of Zambians energy.When we use coal energy that will surely drop signifantly and eliminate load shedding.GOD BLESS ZAMBIA.
Wonder where you got your information or research that we have reached our limit in constructing hydroelectric dams there is still alot of potential some parts of the country haven’t been touched yet…as for coal its not sustainable, a viable option is solar power.
Yeah Right!
DOES HENRY KAPAIPI UNDERSTAND WHAT HE IS TALKIN ABOUT OR JUST BEING A MEGA PHONE FOR ZESCO? HE NEEDS TO SETLLE DOWN AND UNDERSTAND THE ZESCO OPERATIONS OR ELSE HE WILL MISLEAD THE NATION. THE EURO BOND CHUNCK OF FUNDS HE IS TALKING ABOUT IS FAR FROM ENOUGH FOR THE PROJECTS HE HAS MENTIONED. CONTRATS FOR BEING AT ZESCO BUT THE OPS FOR ZESCO AND NOT LIKE FOR AT LCC. ZESCO IS MORE TECHNICAL AND NEEDS UNDERSTAING ALOT OF THINGS FROM POWER GENERATION, TRANSMISSION, DISTRIBUTION, MAINTENANCE AND GENERAL ADMINITRATION.PLEASE MR. KAPAIPI TAKE NOTE OF THIS FREE ADVICE SERIOUSLY.