Zambia: K200 Million for Renewable Energy
Posted on : Thursday , 19th November 2015
Swedish Ambassador to Zambia Henrik Cederin has revealed that his country will invest up to K200 million towards implementation of renewable energy in Zambia.
Mr Cederin said Sweden would invest in renewable sources of energy in a bid to mitigate the ongoing energy crisis not only in Zambia but the COMESA region as a whole.
He was speaking in Lusaka yesterday when he presented his credentials to COMESA secretary general Sindiso Ngwenya.
He noted that climate change had drastically affected the energy sector with persistent power outages due to low water levels.
The Swedish government was also working closely with other stakeholders like the Energy Regulation Board (ERB) and Rural Electrification Authority (REA) in order to electrify most rural areas in Zambia.
Similarly, the Swedish International Development Cooperation Agency (SIDA) had intensified its work on financing development by participating in a range of initiatives such as Power Africa and Challenge Funds.
Mr Ngwenya said Sweden provided US$6.2 billion of Official Development Assistance (ODA) and the country was one of the largest donors from the Nordic countries.
Mr Ngwenya said Sweden had also focused its efforts on lowering investment risks by mobilising institutional capital that would accelerate development cooperation. This has been done by engaging financial partners such as banks and philanthropists.
He said US President Barack Obama launched the Power Africa, an initiative aimed at improving electricity networks in the sub-Saharan region where, 600 million people lacked access to electricity.
"Power Africa's initial $7 billion commitment from the US government has already mobilised more than $20 billion in private sector commitments to invest in power generation and distribution across Sub-Saharan Africa.
Mr Ngwenya hoped Sweden would continue trading with the 15 COMESA member states in order to bring about sustainable development in the region.
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