Standard Chartered, USAID’s $60m partnership boosts Zambia’s power grid

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LUSAKA, Zambia — Standard Chartered continues to deliver on bridging Africa’ gap by facilitating, coordinating and arranging transactions which boost the capacity of national grids and access to electricity across Africa.  In this latest milestone transaction, Standard Chartered has partnered with the U. . Government, USAID, to deliver a term worth USD 60 to Zambia’ Electricity Supply Corporation (ZESCO), making this one of the largest facilities that the States Agency for International Development (USAID) has delivered within President Obama’s ‘ Africa’ since the campaign’s launch in 2013.  The will finance capital expenditure tor ZESCO’s Lusaka Transmission and Distribution Rehabilitation Project (LTDRP) as well as provide bridge financing to facilitate new connections to the grid.

Part of ZESCO’s strategic plan is to improve the quality of electricity and enhance connections to the national grid,” commented ZESCO’s Managing Director, Victor Mundende in a statement made available to Sundiata Post.  “USAID and Standard Chartered’s support has already delivered more than 15,000 new connections.  Furthermore, some of the funds provided will be used for other scheduled system upgrades, contributing to new and existing connections to homes and businesses across the country.  ZESCO remains committed to meeting its aspirations of electrifying 60% of Zambia by 2030.”

USAID/Zambia Director, Michael Yates, added, “Power Africa is a broad which aims to boost development, by providing access to electricity to homes and businesses across Africa.  This is one of largest commitments in Africa to date, and will enable to meet a critical need for a quarter of a Zambians and the economy as a whole.

This facility is Standard Chartered Zambia’s longest tenor and largest facility provided to a Zambian parastatal entity to date.  Andrew Okai, CEO of Standard Chartered Zambia, commented, “By using strengths in structuring financial solutions which promote economically enhancing partnerships and improve the lives of individuals, Standard Chartered can demonstrate promise to be Here for good.  This is the Bank’s second Power Africa to benefit Zambia, with the first being Standard Chartered’s Private Equity investment in Zambian Energy Corporation.”

Newly appointed Chief Executive Officer of the Group’s Corporate & Institutional Banking division, Simon Cooper, joined the signing ceremony in Lusaka, during his first Africa roadshow since joining the Bank earlier this year, “This transaction correlates directly with ‘Energy & Climate Change’ – the central theme for African Development Bank’s AGM which was hosted in Lusaka, Zambia this last week.  Africa accounts for around a sixth of the world’s , but only generates 4% of its electricity.  our commitment to Power Africa partnerships – such as the one we have officiated with ZESCO – Standard Chartered will continue to support development which provides a solid platform for long term growth.”