
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