Zambia: Banks lend $163m for electrification project

Zesco on 5 March signed a $163m loan agreement with Sweden’s Nordea Bank AB and Standard Bank of South Africa for a transmission infrastructure project. The project will connect the whole of North-Western Province and parts of Western Province to the national grid, allowing isolated diesel generators to be removed and opening up the possibility of future interconnection with the Angolan grid. Zesco spends more than $6m/yr procuring diesel fuel, Zesco managing director Cyprian Chitundu said at the signing ceremony.