The China Development Bank (CDB) will provide €787m for a planned hydroelectric station in Zambia likely to be developed by China’s Sinohydro Corporation.
CBD President Jiang Chaoliang said that Sinohydro Corporation, which has expressed an interest in developing the $1.5bn Kafue Gorge Lower power station will bring experience to the project.
The 600MW plant is expected to help ease power outages in the southern African country and is due to begin in 2011.
Zambian minister of energy and water development Kenneth Konga said Zambia needs to boost its hydropower capacity and will move quickly to tap funds from CDB.
“Because we are the ones that are in a hurry to develop, we shall move with the quickest speed to ensure that we access the funds from the CDB and the China-Africa Development Fund,” Konga said, reports AFP.