Zimbabwe’s government said it has secured combined loans of $108 million from the Export-Import Bank of China and Export-Import Bank of India to fix its power crisis.
The state-run Herald newspaper reports that the government concluded the loan agreements in the last few months.
The loans according to government officials should significantly help to the country’s power generation projects and broadband expansion.
Areas to receive boost and upgrade according to the government are Bulawayo and Hwange.
Zimbabwe has been experiencing power crisis since May this year, with parts of the country without power for several hours daily.
South Africa has tried to assist but largely unsuccessful due to it’s own power crisis.
The reported impact of power crisis according to the business community in Zimbabwe is around $200m in lost revenue.
Declining water levels in Lake Kariba have plunged most parts of the country into darkness for longer periods per day.
Water levels continue to decline in Zimbabwe’s Lake Kariba which is a source for power generation hydro-electric dam in Kariba.
The government has blamed the low levels of water on a major drought.
Source: Africafeeds.com
