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Zambia has secured a 2 billion
dollars financing facility for the 750 MW Kafue Gorge Lower power station
construction project.
The REUTERS, monitored online,
reports that the terms of the facility will be agreed to next year.
State-owned power utility, ZESCO
Director of Transmission, Christopher Mubemba says negotiations concerning the
terms and condition of the Chinese financing would start early next year.
Mr Mubemba has stated that the
negotiations must be complete tentatively by mid of 2012 for the power project,
expected to finish by 2017.
The project, whose construction
started in July, is a joint venture between ZESCO and two Chinese companies.
Details of the project have
SINOZAM, a joint venture company, building and operating the plant for 30 years
before handing it over to the Zambian government.
The project already has an estimated cost of 2 billion
dollars as per studies by the World Bank’s private investment wing,
International Financing Corporation.
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