9.5 C
Alba Iulia
Monday, August 30, 2021

Zambia Development Agency and EMCO Energy sign $1 billion investment agreement

Economy Zambia Development Agency and EMCO Energy sign $1 billion investment agreement

ZDA office building

The Zambia Development Agency has signed an investment protection and promotion agreement (IPPA) worth over US$1 billion with EMCO Energy Zambia Limited for the construction of a 340 Megawatts thermal power plant in Sinazongwe district.

ZDA Board Chairperson Mary Ncube says the pledged investment by EMCO will result in the creation of over 4, 000 jobs during the construction phase and operation of the power plant.

Mrs. Ncube says the Energy sector is one of Zambia’s priority sectors in addition to tourism, agriculture, manufacturing, construction and infrastructure development.

Speaking during the signing ceremony, Mrs. Ncube says the investment in thermal power generation will improve Zambia’s energy source diversity, thereby reducing electricity supply risks associated with climate change.

Mrs. Ncube has emphasized that the 340 Megawatts coal fired power plant will contribute towards meeting the national energy and system peak demand, whose forecast is currently in deficit.

Speaking earlier, EMCO Energy Zambia Limited Chief Executive Officer Ajit Kumar Mishra says the power generated by power plant will be supplied to ZESCO.

Mr. Mishra says the project will benefit the local people in Sinazongwe.

He has also disclosed that the company has signed relocation agreements with the affected families, adding that the compensation package committed to the affected families is going to be one of the best compensation packages offered by any foreign investor in Zambia.

Mr Mishra adds that apart from offering cash compensation for the land and households; EMCO has also offered some skill based employment to one member of each of the affected families.

13 COMMENTS

  1. Major investment portfolio in the right sector and direction. This is a good example of sustainable development. Even the displaced People are effectively renumerated. 340 megawatts is significant.

    • There is nothing sustainable about a coal fired plant…what you burn in the over is not replaced back it merely pollutes!!

    • @Jay Jay. Why then did God put coal in our land? Do you know haw much coal Britain has burnt to date and what that did to the early iron and steel industry? Developed Countries are still burning coal but asking us to stop polluting. What crap!

  2. I am glad that for the first time someone from the donkey party sees sense. Maybe it because the non-impartial government is doing it even in Namwala District.

  3. This government will go on record as one of the best to ever grace the political power in Zambia. When the President leaves office in 2026, he will have achieved a great milestone and usher Zambia into one of the most developed economies in Africa. Winangu will see red – Hagain!

  4. PF cadres there is nothing to worship anybody about here, this is just a normal business deal which won’t benefit anyone. There are better energy alternatives than polluting people. There is so much pollution in the country

  5. Victor the intelligent information Minister ” the non-impartial president” if you really are able to think, see what you have written.
    Non impartial means he is biased. Thanks for confirming what we all knew.
    A president only for pf

  6. Sorry , non impartial government, result is the same ,a bias to the pf. If you are information minister sharon, rapidly get an education

  7. this project has been around since 2010 its been delayed because of political problems and poor communication in government departments. hope construction finally starts now we need all the power energy we can get if we are to build this economy

  8. We are signatories to the paris climate agreement arnt we.. if we are how do we justify our emissions on this project.
    Government guves pipo excitement by making announcements quoting big big dollars.
    It is a form of propoganda, of all the government announcements quoting enormous investment figures for projects AFTER 2021 how many have reached on the ground stage.
    If these are happening the why won’t IMF give us money.
    Masala market sold to chinese didnt make headlines

  9. Energy is on sector that can boost our GDP. Exporting power can bring a lot of export earnings, create jobs. ECL said in his 2016 campaign, he wants to make Zambia a regional power hub by 2025. This is excellent news. With the removal of subsidies on power, investing in power is now attractive in Zambia. God bless Zambia!!!

Comments are closed.

- Advertisement -

Latest News

Clatous Chama Welcomes Fans Return For Tunisia Clash

Midfielder Clatous Chama has described as exciting news that spectators will attend Chipolopolo's home game against Tunisia next week. Chipolopolo...

More Articles In This Category

- Advertisement -