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EU to spend 800 mln USD on African power pool projects

Feb 2, 2010 - Xinhua

The European Union (EU) will finance the southern and eastern African power pool projects estimated at 800 million U. S. dollars, the Times of Zambia reported on Tuesday.

EU head of delegation to Zambia Derek Fee said the organization would provide the funds to the two projects through a consortium of financiers, adding that the European Investment Bank contribution to the project would be 100 million dollars.

"The funds will come through a consortium of lenders of which the European Investment Bank loan contribution will be 100 million dollars out of the total 800 million dollars," Fee was quoted as saying.

The EU is looking at large projects to connect the power pools from eastern and southern Africa. Countries in the region are trying to connect their power generation through the Southern African Power Poor project in an effort to boost energy production, according to the official.

Fee said the EU was also looking at financing the power connectivity project between Zambia and Namibia.