The world bank has approved $60 million (about K62 billion) for Malawi’s emergency power restoration project.
In a statement on Friday, World Bank Group executive director Taufila Nyamadzabo said the funding, courtesy of International Development Association Crisis Response Window, has a credit component of $36 million(About 36 billion) and grant of $24 million(about K25 billion).
He said: ”The objectives of the project is to rehablitate and increase resilience of the Kaapichira Hydropower Dam and spillways and transmission and distribution infrastructure damaged by Tropical Storm Anna.
”The project has two components, Kapichira Dam rehabilitation and strengthening and transmission and distribution network restoration,”
The credit has a final maturity of 38 years, including a grace period of six years.
Following Tropical Storm Ana in January 2022, Kapichira Hydropower Plant suffered extensive damage, that knocked off 129.6 megawatts(MW) from the national grid, representing about 23% of the country’s generation capacity.
In an earlier interview, Electricity Generation Company spokesperson Moses Gwaza said the firm will spend about K46 billion to rehabilitate Kapichira Hydropower Station while about K16.8 billion will go to Escom to buy transformers and other equipment damaged by the storm.
Electricity consumers are currently being subjected to an eight-hour daily load-shedding.
Source: The Nation_June 21, 2022_By Grace Phiri-News Analyst