The Sunday News
Shepias Dube Business Reporter
THE African Development Bank Group has promised to inject $75 million which will be shared between Zimbabwe and Zambia for the rehabilitation of the Kariba Dam, an official has said.
In an interview last Friday, AfDB country representative to Zimbabwe, Mr Mateus Magala said Zimbabwe would receive $36 million while Zambia would get $39 million.
More than $290m has been budgeted for the project which is expected to last for close to a decade.
“The bank as a whole is contributing $75 million for Zambia and Zimbabwe. Out of this amount, Zimbabwe will receive a grant totalling $36m from the bank as a contribution to the project funding while Zambia will receive a soft loan of $39 million on very concessional terms,” Mr Magala said.
He said other financiers include European Development Fund which has pledged $100m, Sweden $25m, and the World Bank $75m.
However, these were channelling their resources through the Zambian government.
Mr Magala said the Zambezi River Authority (ZRA) which is the implementing entity, was contributing $19,2 million.
The rehabilitation of the Kariba Dam wall will include the reshaping of the plunge pool to limit erosion, the design, fabrication and installation of an emergency gate, a new gantry and new stop beams.
He said this was being done to prevent a possible collapse of the dam wall due to erosion of the plunge pool over the years.
The AfDB official said while the rehabilitation of Kariba Dam may not result in a significant increase in electricity generation it was expected to prolong the life span of the Zambezi Power Station.
“Although there is no direct increase in the electricity generation capacity, the rehabilitation of the dam wall will guarantee continued operation of the existing power stations as well as their extensions both in Zimbabwe and Zambia,” he said.
Mr Magala said AfDB’s 10-year strategy, which aims to position the bank at the centre of Africa’s transformation, had identified provision of energy for all as a core priority.
He said energy was critical to the economic and human development of any country.
“The bank is prioritising the rehabilitation of the energy sector infrastructure because the bank believes ‘jobs cannot be created in the dark’. Without energy there is no development; we cannot even talk about inclusive growth,” said Mr Magala.
He said for a country like Zimbabwe rehabilitation of energy infrastructure was critical because the resuscitation of industry could only be achieved through constant availability of sufficient energy.
He said this had also been recognised in the country’s economic blueprint, Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim Asset), where energy sits at the centre of economic transformation.
AfDB has been mobilising funds for the rehabilitation of critical infrastructure which is necessary in driving the economy of Zimbabwe.
It recently unveiled close to $20m for the rehabilitation of the Karoi-Alaska power line.
The bank is also leading Zimbabwe’s re-engagement process, working with the international financial community to help the country resolve its debt and arrears challenges to ensure that the country’s re-engagement is accelerated.
