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Zambia and Zimbabwe are reportedly considering stepping up efforts to attract investment for the US$5 billion Batoka Gorge hydropower project by reviving a controversial proposal to source water from the Democratic Republic of Congo.
The Zambezi River Authority Chief Executive Officer, Munyaradzi Munodawafa, according to Business Insider Africa publication seen by Zambia Monitor on Sunday, said that a joint agency between the two nations responsible for managing the Kariba Dam, had assembled a dedicated team to engage investors for the proposed 2,400-megawatt plant.
“The resource mobilization effort is targeting a time frame of 12 to 18 months, subject to investor confidence, market conditions, and ongoing bilateral support from the Governments of Zambia and Zimbabwe,” Munodawafa said.
Read more:reports-say-zambia-zimbabwe-may-issue-fresh-tenders-for-5-billion-batoka-power-project
Construction of the Batoka Gorge hydropower project was originally slated to begin in 2020 but faced delays due to the COVID-19 pandemic and challenges in securing financing, according to Bloomberg.
Last year, Zambia cancelled a 2019 contract awarded to General Electric Co. and China’s Power Construction Corp., citing procurement irregularities.
But Zambia and Zimbabwe are now aiming to select new bidders by September 2025.
However, the report stated that fundraising efforts were complicated by both countries’ financial woes: Zimbabwe is grappling with US$21 billion in debt, while Zambia remained in default and was still negotiating a debt restructuring deal, five years after missing its loan payments.
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