Zambia, Lusaka: Zambia’s Electricity Supply Corporation (ZESCO) will receive a term loan worth $60 million from the United States Agency for International Development (USAID) and Standard Chartered, a British multinational banking and financial services company.

Zambia’s power grid to receive $60M loan

Zambia, Lusaka: Zambia’s Electricity Supply Corporation (ZESCO) will receive a term loan worth $60 million from the United States Agency for International Development (USAID) and Standard Chartered, a British multinational banking and financial services company.

The loan will help finance ZESCO’s Lusaka Transmission and Distribution Rehabilitation Project (LTDRP), whose aim is to rehabilitate the electricity transmission and distribution infrastructure in Lusaka and Copperbelt regions, reports ESI-Africa.

The project valued at $200 million includes construction of three new 132 kV substations and three new 33 kV substations, with power transformers and associated electrical equipment, as well as upgrading existing substations and building new transmission lines.

The $60 million loan will be delivered within President Obama’s Power Africa partnership and will be one of the largest facilities awarded since the campaign’s launch in 2013.

Source: ESI-Africa