African News Agency
CAPE TOWN - Standard Chartered bank said on Monday that it had partnered with the United States Agency for International Development (USaid) to deliver a loan worth US $60 million to Zambia’s Electricity Supply Corporation (Zesco).
The loan is one of the largest facilities that USaid has delivered within US President Barack Obama’s Power Africa partnership which was launched in 2013. It will finance capital expenditure to Zesco’s Lusaka Transmission and Distribution Rehabilitation Project, as well as providing bridging finance to facilitate new connections to the grid.
Zesco’s managing director, Victor Mundende, said USaid and Standard Chartered’s support had already delivered more than 15 000 new power connections.
“Furthermore, some of the funds provided will be used for other scheduled power system upgrades, contributing to new and existing connections to homes and businesses across the country. Zesco remains committed to meeting its aspirations of electrifying 60 percent of Zambia by 2030,” he said.
The newly appointed chief executive officer of Standard Chartered’s corporate and institutional banking division, Simon Cooper, said: “Africa accounts for around a sixth of the world’s population, but only generates four percent of its electricity.
“Through our commitment to Power Africa partnerships – such as the one we have officiated with Zesco – Standard Chartered will continue to support infrastructure development, which provides a solid platform for long-term economic growth.”
