Elizabeth Karonga, the spokesperson of ZRA, confirmed the development after Zimbabwe and Zambia had managed to secure $294.2 million from a number of multilateral financial institutions, Southern Times reported.
“It is anticipated that by year end, the procurement process will be finalised and project execution for the plunge pool reshaping project will start during the first quarter of 2017. The total cost for financing these rehabilitation works will be $294.2 million,” Karonga said.
Multilateral banks backing Kariba Dam
She said that funding for the works on Kariba Dam has been obtained from the African Development Bank, the European Union, the World Bank as well as the Swedish government.
Karonga revealed that the African Development Bank provided a $75 million grant, the EU $100 million, the Swedish government $25 million, while the World Bank gave $75 million. In addition to these, other funders injected $19.2 million, brining the total funding to $294.2 million.
“The project is a multilateral one, where financing is through some co-operating partners which comprise of the World Bank, the African Development Bank, the European Development Fund as well as the Swedish government,” Karonga said.
Karonga noted that both the Zambian and Zimbabwean governments had formally requested assistance from the World Bank in May 2013 to explore viable options for financing and raising resources for supporting the Zambezi River Authority to rehabilitate Kariba Dam.
However, she further explained that discussions for the proposal with the bank only began in October 2014, which were approved by the end of that year in preparation of financing to support ZRA in the rehabilitation of the Kariba Dam.
Karonga highlighted that the procurement process when dealing with several financing institutions tends to take a long period.