THE Zambian government has extended heartfelt gratitude to the World Bank for disbursing $100 million to bolster the country’s energy sector, providing a much-needed lifeline amid ongoing challenges. This financial infusion, part of a larger $700 million grant allocated for the first phase of the Zambia National Energy Advancement and Transformation (NEAT) programme spanning 2023 to 2033, comes at a crucial juncture.
Finance and National Planning Minister, Situmbeko Musokotwane, hailed the approval of these funds as a timely intervention, particularly amidst Zambia’s struggles with an electricity deficit exacerbated by drought conditions. ‘The release of these funds demonstrates the World Bank’s unwavering commitment to supporting Zambia’s energy sector,’ Musokotwane remarked.
He emphasised the immediate relief these funds would offer to the state power utility, Zesco Limited, and highlighted their role in facilitating the procurement of non-hydropower renewables. ‘This financial injection will play a pivotal role in addressing our current energy challenges and advancing our long-term energy objectives,’ Musokotwane added.
Moreover, Musokotwane underscored the broader objectives of the NEAT programme, emphasising its aim to enhance the financial sustainability, operational reliability, and resilience of Zambia’s electricity sector. ‘The NEAT programme will not only strengthen Zesco’s financial position but also attract private sector investment and promote inclusive electrification nationwide,’ he stated.
The minister also stressed the significance of the World Bank’s gesture, describing it as a vote of confidence in Zambia’s strategic reforms and strengthened public financial governance credentials. ‘We are deeply grateful for the World Bank’s support, which underscores the importance of international partnerships in advancing our energy agenda,’ Musokotwane remarked.
The release of these funds marks a significant milestone in Zambia’s journey towards enhancing its energy infrastructure and addressing pressing challenges. As the country navigates through dynamic energy landscapes, partnerships with esteemed institutions like the World Bank are instrumental in securing sustainable solutions for the future.