Chinamasa says we are ready to reform as he courts investors for $4 billion power plant

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Minister of Finance and Economic Development Patrick Chinamasa and his Zambian counterparts have reassured investors that the two countries are willing to reform in order to get investment. Zimbabwe and Zambia are seeking $4 billion dollars to build the Batoka Gorge Hydroelectric power plant. This plant when completed would generate 2 400 megawatts. The two countries have been facing severe power shortages since 2015, with Zimbabwe importing power from South Africa and Mocambique.

Addressing investors on Thursday, Chinamasa said:

I am aware that to attract private capital for our public infrastructure projects, particularly energy projects with high upfront costs, we need to address and overcome a number of perceived risks, including regulatory, financial, legal and other such barriers.

A project of this magnitude requires much preparation for the market so as to provide clarity for easier investor assessment. This is also benefiting from reform programmes focusing on attracting capital, particularly from private investors into the energy sector that our two countries have been implementing.

These sentiments were echoed by his Zambian counterparts.  The power plant which will be located 54 Kilometres downstream of the Victoria Falls.

More: New Zimbabwe          Image Credit: Zambezi Traveller

 

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