Minister of Finance Felix Mutati says financing the Batoka Hydro Power Station project will not affect the 2017 national budgets for Zambia and Zimbabwe.
Mr. Mutati says this is because the project which will generate 2 thousand 400 mega watts of electricity will be internationally sponsored.
The minister of finance says Zambia will in February next year host an international conference aimed at convincing investors to invest in the Batoka Hydro project which needs about 3 -point-six-billion U.S Dollars.
He said this at the 34th Council of Ministers Meeting held in Victoria Falls Town, Zimbabwe.
And Zimbabwe’s Minister of Finance and Economic Development Patrick Chinamasa expressed happiness at the relationship between Zambia and Zimbabwe especially in the energy sector.
Meanwhile, the Zambezi River Authority Council of Ministers has approved an operational budget of 89 million dollars for 2017, with Zambia and Zimbabwe pledging to continue cooperating in the development of the energy sector.
And Minister of Energy David Mabumba says the Zambezi River Authority should start looking beyond Lake Kariba in its investments involving Zambia and Zimbabwe.
Mr. Mabumba who is the Incoming Chairperson for the Zambezi River Authority Council of Ministers said it is important to look at alternative sources of energy to sustain the economies of the two countries.
He said when Zambia and Zimbabwe diversify their energy sectors, they will eventually stop importing electricity and steer economic development in the neighbouring countries.
Mr. Mabumba also said the Zambezi River Authority will make progress in the rehabilitation of the Kariba Dam Wall during 2017 and that 3-hundred and 94 -million dollars for the project has already been secured.
And the outgoing Chairperson of the Zambezi River Authority Council of Ministers, Samuel Undenge announced that the construction of the Batoka Hydro Power Station will start next year as the feasibility studies for the project are almost complete.