According to Makhtar Diop, World Bank Vice President for Africa, the World Bank’s board of executive directors has approved a USD 75 million International Development Association (IDA) credit as well as a USD 25 million grant from Sweden to be used in the rehabilitation of the Zambian Kariba Dam.
In a statement released by the World Bank, Mr. Diop explained that improvements to the energy production in southern Africa were important for the overall objectives of the World Bank and the rehabilitation of the Kariba Dam is an important step in achieving these goals.
“Rehabilitation of the Kariba Dam is an important component of the World Bank’s larger program for boosting energy security in southern Africa,” he said, “Today marks an important milestone in securing the Kariba dam for the coming decades.”
In addition to the funding from the World Bank and Sweden, the African Development Bank Group (AfDB) also recently approved the release of a USD 75 million loan to be split between with governments of Zambia and Zimbabwe with disbursements of USD 39 million and USD 36 million respectively.
The project will be executed by the Zambezi River Authority on behalf of the two governments for a projected cost of USD 294.2 million and is scheduled to begin in early 2015 with an estimated duration of two years.
According to the World Bank country director for Zambia, Zimbabwe and Malawi, Kundhavi Kadiresan, the project financing is evidence of a successful partnership between governments and development partners.
“This project is a testimony to the power of perseverance and cooperation between governments and development partners and the World Bank is pleased to have played an important role in getting us here,” she said, “We remain deeply committed to ensuring that the same spirit of cooperation remains the hallmark during project implementation.”