Zambia urges World Bank body, IFC, to broaden investment portfolio to tackle access to electricity in rural areas

Energy Minister, Makozo Chikote, has urged the International Financial Corporation (IFC) to broaden its investment portfolio to include off-grid and renewable energy solutions to improve electricity access in remote and underserved communities.

The Minister noted that the Government had streamlined regulatory processes to attract new players and create a more competitive and investor-friendly environment in the energy sector.

According to a statement issued by the Ministry on Thursday, Chikote held a high-level meeting with a delegation from the IFC, a member of the World Bank Group, in Lusaka to explore opportunities for increased investment in Zambia’s energy sector.

The IFC delegation, led by Country Manager, Madalo Minofu, met with the Minister and senior officials at the Ministry of Energy to discuss strategic areas of collaboration aimed at strengthening Zambia’s energy infrastructure and expanding access to reliable electricity.

Read more:zambia-aims-for-energy-food-security-as-idc-signs-2-billion-mous-with-chinese-firms-for-refinery-agriculture-projects

Chikote stressed the need for continued growth and diversification of the energy sector which was critical for Zambia’s quest to meet its key economic objectives, especially in the mining and agriculture industries.

He reaffirmed government’s commitment to meeting President Hakainde Hichilema’s directive to add an additional 1,000 megawatts of electricity to the national grid by December 2025.

The IFC chief highlighted the corporation’s significant contribution to Zambia’s energy sector through the recently launched Kalumbila-Kolwezi Interconnector Project (KKIP) in North-Western Province.

The interconnector is expected to strengthen regional power trade and enhance the country’s energy security.

She also reaffirmed IFC’s commitment to supporting Zambia’s energy development but stressed the need for a stable and predictable economic environment to unlock further capital inflows into the sector.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.