Zesa pays Eskom $12 million to avoid load shedding, pledges to pay more

Sources from the Reserve Bank of Zimbabwe (RBZ) told The Herald that the central bank paid South African power utility Eskom $12 million to avoid load shedding and will pay $20 million this month to clear Zesa Holdings’ debt.

The $20 million will be paid as follows; $10 million being paid mid this month before another $10 million is paid at the end of this month. The official said Zesa pledged to pay $20 million monthly in $5 million weekly instalments. From this amount, $8 million will go towards servicing what Zesa owes and $12 million will settle current supplies. If Zesa does not default the debt will be cleared in about 5 months. When contacted for comment by The Herald, Zesa chief executive Engineer Josh Chifamba said that everything is in control but did not give details.

More: Herald

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ZesaJosh ChifambaReserve Bank of Zimbabwe

The Zimbabwe Electricity Supply Authority, (ZESA) under the Ministry and Energy and Power Development was established as the producer, distributor, and regulator of Zimbabwe’s electrical power by Act in 1981 and formed in 1985. It has a number of subsidiary companies with various specialties in... Read More About Zesa

Joshua Chifamba, who is popularly known as Josh Chifamba is the current Chief Executive Officer (CEO) of the Zimbabwe Electricity Supply Authority (ZESA) Holdings. He is an engineer by profession, who recently completed his Masters Degree in Business Management. He has been in the energy... Read More About Josh Chifamba

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe

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