[miningmx.com] – THE Infrastructure and Development Bank of Zimbabwe (IDBZ) is to issue two bonds worth $65m in order to finance an increase in electricity generation and buy pre-paid meters, said Reuters citing the bank.
Tonderai Nhika, head of projects IDBZ, told Reuters the bank would issue a $15m bond and a $50m to purchase pre-paid meters. The money will also be used to upgrade a small power plant in Harare and help expand the 750MW Kariba hydro power station.
The southern African country produces up to 1,300MW of power against peak demand of 2,200MW. Although it imports electricity from neighbours, this is not enough to end severe power cuts that have hit businesses and households, said Reuters.
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