Q FM Africa's Modern Radio
Copperbelt Energy Corporation (CEC) says it will invest up to US$220 million in the development of the 40 Megawatts Kabompo Hydroelectric Power plant project.
The Company has so far spent over US$30 million on the project which is expected to create about 1,000 jobs during the three years it will be undertaken.
CEC Board Chairperson Hanson Sindowe says his company has further budgeted US$18 million to upgrade the project access road to bituminous standard and create a whole new township around the site of the protect which will have among others social amenities a Police station and a Hospital.
Mr. Sindowe states that CEC has additionally undertaken to preserve and enrich the local traditional culture and knowledge among the local people of Solwezi and Mwinilunga Districts by putting up an information center in collaboration with the National Heritage Conservation Commission.
Mr. Sindowe was speaking this morning when his company signed an Investment Promotion and Protection Agreement (IPPA) with the Zambia Development Agency (ZDA) in Lusaka.
And ZDA Board Chairperson Songowayo Zyambo says the huge investment CEC is making on the Hydro Power Project is confirmation of the high appetite among investors to invest in Zambia.
Mr. Zyambo says this appetite is also in line with the recent survey by the Bank of Zambia and Central Statistical Office indicating that private investment in the country will continue to grow in the long run.
He says ZDA however remains committed to making audits of all IPPA it has and will be signing with investors to ensure that what has been pledged is actualized.