India’s Export and Import Bank (Exim) will loan Zambia $125-million, partly to help fund a 120MW hydroelectric project, according to Zambia Finance Minister, Situmbeko Musokotwane. $50-million of the loan will be devoted to the Itezhi-tezhi hydroelectric project, which is set to cost $240-million in total.

The project will be developed by the Itezhi-tezhi Power Corporation (ITPC), a company jointly owned by Zambia state power utility, Zesco Ltd and TATA Africa.

Zesco and TATA Africa were in talks with the European Investment Bank (EIB) and African Development Bank (AfDB) to seek additional financing for the power project, according to Zesco acting managing director, Cyprian Chitundu.

Reported by Reuters