Home / AFRICA NEWS / Zimbabwe gets loans to boost electricity supplies

Zimbabwe gets loans to boost electricity supplies

Zimbabwe has secured two loans of more than $42.5m (£35.3m) from India to boost the generation of electricity in the country, the state-run Herald newspaper reports.

The government announced that the finance minister had concluded the loan agreements in the last few months, the paper says.

But the $23m and $19.5m loans obtained from the Export-Import Bank of India are unlikely to immediately ease rolling blackouts.

The paper says the loans are for upgrading power plants in Bulawayo and Hwange.

Since May, power has only been available in Zimbabwe for seven hours each day, coming on late at night.

The BBC’s Shingai Nyoka in the capital, Harare, says business representatives believe the blackouts have cost the country $200m in lost revenue.

The government has blamed a drought that has led to low water levels at the major hydro-electric dam, Kariba.

It also has little financial capacity to import all its power needs.

The fuel to power the stand-by generators is also in short supply – the price has increased almost seven-fold since January, our reporter says.

BBC

About Elvis Anokye

Check Also

Nigeria, South Africa address xenophobic concerns, sign trade deals

In September, mobs armed with makeshift weapons attacked businesses and homes owned by foreigners, leading …

Pastor dies while officiating member’s funeral service

The 42-year-old founder of Divine Mount Zion Gospel Ministry, Pastor Femi Olorunsoromidayo reportedly died while …

Nigeria ‘torture house’: Hundreds freed after Kaduna police raid

Nigerian police say they have rescued nearly 500 people from a building in the northern …

Leave a Reply

Your email address will not be published. Required fields are marked *