( 3 Minutes Read)
In a bid to bolster Zambia’s energy sector and pave the way for a sustainable future, the World Bank has allocated a USD 100 million grant to enhance the operational efficiency and financial stability of the country’s national power utility, ZESCO
In a bid to bolster Zambia’s energy sector and pave the way for a sustainable future, the World Bank has allocated a USD 100 million grant to enhance the operational efficiency and financial stability of the country’s national power utility, ZESCO.
This grant is part of the larger National Energy Advancement and Transformation Program (NEAT), an initiative to transform Zambia’s electricity landscape by 2033. With an overall budget of USD 700 million, NEAT is poised to revolutionize Zambia’s energy infrastructure, ensuring financial sustainability, reliability, and resilience in the face of climate change challenges.
Achim Fock, the World Bank Country Manager for Zambia, emphasized the significance of this grant in addressing Zambia’s immediate energy needs while laying the groundwork for long-term growth. The first phase of the NEAT program, spanning from 2024 to 2026, will focus on enhancing ZESCO’s financial performance and operational reliability. Additionally, it will bolster electrification financing mechanisms through support for the Rural Electrification Authority (REA).
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Yadviga Semikolenova, World Bank Practice Manager for Energy in Eastern and Southern Africa, underscored the importance of increasing renewable energy capacity to enhance climate resilience. He said the deliberate focus on increasing renewable energy capacity by a substantial 1,458 megawatts demonstrated the World Bank’s commitment to supporting Zambia to diversify its energy sources and enhance climate resilience.
