Friday, 31 August 2012

Zambian gov't to give its power utility $186million from the 500million dollar bond it will issue at the end of this year.

the zambian Government through its ministry of finance will give ZESCO limited a sum of $186million from the 500million dollar bond by the end of this year as a way to ramp up or improve the power utility's operations.

the zambian Government intends to issue a $500million bond in the European market to raise money for infrastructure development by the end of the year.

Meanwhile the world bank is set to give the company through a loan a sum of $300million for distribution of power in all areas where it supplies electricity.
ZESCO managing director Cyprian Chitundu says the $186million will be pumped into the operations and upgrading of the Kafue lower gorge which will be completed in 2018.
Mr. Chitundu says the power utility company board of directors is also planning to comply with government’s directives for all companies to list on stock exchanges so that local can participate in the companies.
He says listing on the stock exchange like the Lusaka stock exchange will give an opportunity to Zambians to participate and own shares in the company.
The ZESCO managing director says once all the projects which will cost the company about $5.3billion are operational, the country will minimize in load shedding.
Mr. Chitundu says at the moment load shedding will continue until all the projects are completed hence it is important that people comply with the company’s directive of conserving energy by switching off all appliances which are not in needed at a particular time like geysers

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