AfDB is chosen as lead financial arranger for Batoka Gorge project
Zambia and Zimbabwe appoint the bank as lead advisers for the construction of the 2,400MW hydro-power project
HARARE — Zambia and Zimbabwe have appointed the African Development Bank (AfDB) as lead financial advisers for the construction of the 2,400MW Batoka Gorge hydro-power project that is expected to cost $4bn, an official said.The two Southern African nations face severe power shortages as years of under-investment are amplified by low water levels at the Kariba dam hydro-power station that they each rely on for about half of total supplies."Only yesterday, we were talking to the AfDB after Zambian and Zimbabwean governments appointed them as the lead financial arranger on this project," Zambezi River Authority CEO Munyaradzi Munodawafa said on Tuesday in Victoria Falls after touring Batoka Gorge.The authority intends to build it on the same arrangement as the Kariba Dam was built, which involves loans, grants, with the two governments also funding it, he said.Executives from both nations had been to Beijing and met officials from the China Export and Credit Insurance Corp, known as Si...
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