LUSAKA – The European Union (EU) will finance the southern and eastern African power pool projects estimated at some US$800 million, nearly N$6 billion, China’s Xinhua news agency reported yesterday.
EU head of delegation to Zambia, Derek Fee, said the organisation would provide the funds to the two projects through a consortium of financiers, adding that the European Investment Bank (EIB) contribution to the project would be US$100 million.’The funds will come through a consortium of lenders of which the EIB loan contribution will be US$100 million out of the total US$800 million,’ Fee was quoted as saying.The EU is looking at large projects to connect the power pools from eastern and southern Africa.Countries in the region are trying to connect their power generation through the Southern African Power Poor (SAPP) project in an effort to boost energy production, according to the official.Fee said the EU was also looking at financing the power connectivity project between Zambia and Namibia. – Xinhau
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