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Zesco completes 31 projects

…over all Eurobond status at 95 percent

By BUUMBA CHIMBULU
ZESCO has completed 31 sub-projects from the share of the US$750 million Eurobond invested to improve service delivery.
From the US$750 million Eurobond which falls due in 2022, Zesco was allocated US$255 million for implementation of two power projects.
These are the Power Distribution Project called Euro Bond Project and the Kafue Gorge Lower Hydro Power Project.
As at the end of March 2020, a total of 40 sub-projects under the Eurobond project were committed, said Zesco Senior Manager Corporate Affairs, John Kunda.
Dr Kunda explained that 31 of the sub-projects had been completed while a balance of nine sub-projects were currently still under execution.
“The Eurobond Project portfolio consists of 40 individual components or sub-projects of which 37 are in Lusaka,” Dr Kunda said in a report of how Zesco has utilised funds from the US$750 million Eurobond.
He said the total cost expended so far on the completed sub-projects was about US$ 63million out of the allocated that US$69 million (specifically for the Eurobond project).
Dr Kunda said the overall Eurobond project status stood at 95 percent complete.
“It is expected that Eurobond project will be completed by the end of 2020 in its entirety,” he said.
Dr Kunda said under the Eurobond Project, Zesco had rehabilitated the distribution network to match the increased power generation capacity, as well as improve the quality of service.
On the Kafue Gorge Lower Hydro Power Project, Dr Kunda said the contractual end date of the project was schedule for August 2020, but due to the negative impact of the COVID-19, the actual completion date would be advised in due course.
“An allocation of US$186 million was made to Zesco Limited as part of Government equity contribution in a Special Purpose Vehicle which is wholly owned by Zesco.
“The total project cost is estimated to be US$2.3 billion. The overall progress of the project currently is 96 percent complete,” Dr Kunda said.

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